Is Bitcoin Being Propped Up? Jim Cramer Stokes Controversy | US Crypto News
Jim Cramer suggested a 'cabal' might be propping up Bitcoin above $90,000, while analysts point to macroeconomic factors.Summary
Jim Cramer ignited controversy by suggesting an unseen "cabal" is trying to keep Bitcoin above $90,000 despite macroeconomic pressures, though he expressed dislike for Bitcoin derivatives. This comment surfaced as Bitcoin dipped below $90,000 before recovering, leading to speculation about ETF market makers or institutional accumulation. Cramer later emphasized that the market was not oversold, which some traders interpreted as a signal to buy, following the 'Inverse Cramer' narrative. However, analysts argue that Bitcoin's recent volatility is primarily driven by macroeconomic forces, specifically shifts in interest-rate expectations and persistent outflows from Bitcoin ETFs. The repricing of Federal Reserve rate cut probabilities has intensified pressure on duration-sensitive assets like Bitcoin, which is currently trailing resilient Big Tech stocks. Traders are now awaiting key labor-market indicators and the Conference Board's Leading Economic Index to gauge the Fed's future stance.
(Source：BeInCrypto)