Australia markets close in 37 minutes
  • ALL ORDS

    6,682.90
    +15.40 (+0.23%)
     
  • ASX 200

    6,484.60
    +15.20 (+0.23%)
     
  • AUD/USD

    0.6485
    +0.0027 (+0.42%)
     
  • OIL

    77.33
    +0.62 (+0.81%)
     
  • GOLD

    1,638.50
    +5.10 (+0.31%)
     
  • BTC-AUD

    30,914.65
    +1,757.58 (+6.03%)
     
  • CMC Crypto 200

    458.64
    +25.54 (+5.90%)
     
  • AUD/EUR

    0.6723
    +0.0011 (+0.17%)
     
  • AUD/NZD

    1.1398
    -0.0049 (-0.43%)
     
  • NZX 50

    11,214.49
    -220.33 (-1.93%)
     
  • NASDAQ

    11,254.11
    -57.13 (-0.51%)
     
  • FTSE

    7,020.95
    +2.35 (+0.03%)
     
  • Dow Jones

    29,260.81
    -329.60 (-1.11%)
     
  • DAX

    12,227.92
    -56.27 (-0.46%)
     
  • Hang Seng

    17,687.32
    -167.82 (-0.94%)
     
  • NIKKEI 225

    26,552.10
    +120.55 (+0.46%)
     

‘Mad Money’ Host Jim Cramer Says He’s Sold Most of His Bitcoin Following China Crackdown

·1-min read

Jim Cramer, the host of CNBC’s “Mad Money,” said he has sold most of his bitcoin holdings following China’s crackdown on crypto miners in the province of Sichuan.

In an interview on CNBC’s “Squawk Box” on Monday, Cramer said bitcoin has structural issues and its price would likely fall further.

Cramer cited three concerns, including doubts about the integrity of stablecoin issuer Tether and its link to the crypto markets, China’s mining crackdown and those outside Colonial Pipeline paying bitcoin to stop ransomware attacks.

Related: MicroStrategy Falls With the Bitcoin It Holds; Breakeven Point Looms

“Thirty-thousand dollars intraday, look out, gotta hold. Maybe the buy point,” Cramer said, referring to bitcoin’s psychological region of support. “I’m not going there, sold almost all of my bitcoin. Don’t need it.”

The price of the world’s largest cryptocurrency by market cap fell more than 11% on Monday following news that China’s central bank told the country’s major financial institutions to stop acceptating virtual-currency transactions.

Bitcoin was last seen changing hands at $32,919, down 5.6% over a 24-hour period and off about 50% from its all-time high of $64,829 on April 14, according to CoinDesk 20 data.

See also: China Says Banks Must Block Crypto Transactions; Market Falls

Related Stories