There's an oft-repeated mantra among crypto traders: Do the opposite of whatever markers commentator Jim Cramer says. So when the former crypto critic walked
Crypto traders often follow the ‘Inverse Cramer Effect,’ which suggests that doing the opposite of what markers commentator Jim Cramer says will yield better results.
So, when the former crypto skeptic reversed years of putting down Bitcoin on Friday by calling it a “winner” amid a hot streak that saw the price of the world’s largest crypto by market cap rise to nearly $100,000, experts anticipated a pullback.
After Cramer's statements, the Bitcoin price dropped from its recent all-time high of $99,645 to as low as $96,556. However, over the last month, the coin has seen a staggering 42.6% increase.
Interestingly, the price of BTC dropping after Cramer's latest remarks also caught the attention of Tesla CEO and the world's richest man, Elon Musk. Musk highlighted the CNBC host's ability to influence the markets by having his picks move in the opposite direction he suggests.
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