- According to Jim Cramer, the present cryptocurrency movement is being manipulated.
- Cramer advises combating inflation using traditional methods.
- Today’s cryptocurrency market as a whole is losing value.
Jim Cramer, the well-known host of the Mad Money show, recently said that “investors need to dismiss the crypto cheerleading now that bitcoin’s recovering,” according to the charts as reported by Carley Garner.
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He makes this claim while citing research done by Carley Garner, a well-known broker, and analyst for the commodities market who works at DeCarley Trading.
Bitcoin could allegedly provide protection against inflation-related price hikes. For example, unlike traditional money, bitcoin cannot be created out of thin air and then given as money. The maximum amount of bitcoins that might possibly exist has also been theoretically limited to 21 million.
But Cramer advises employing a far more traditional strategy to fight inflation. Additionally, earlier in January, the presenter of Mad Money stated that driving up bitcoin prices shows that the market is nothing more than a sham.
The greatest strategy to preserve investments during uncertain times, according to some market proponents, is to invest in conventional assets. Most investors agree that it is a tried-and-true technique to protect against inflation by diversifying one’s portfolio with a mix of equities, bonds, and money market funds.
Keeping in mind that the price of Bitcoin dropped by 0.83% during the previous 24 hours, the total market has been trading in the negative today. The leading cryptocurrency, Bitcoin, now has a value of $21,713 at the time of publication due to the aggressive activity according to Coinmarketcap data.
Ethereum (ETH), the second-largest cryptocurrency, is now trading at $1,528, down $1.71 over the same period. It would be interesting to observe how the market responds to the recent predictions made by important market experts.
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