Note that the cryptocurrency market has been relatively stable over the past 24 hours and week. In particular, Bitcoin started the day above the $20,000 mark today, while Etherium was the leader in daily growth and added 3.1 percent in price during the day.

Ranking of top cryptocurrencies by market capitalisation

What to expect from cryptocurrencies

Jim Cramer’s attitude towards the crypto market has always been mixed. During periods of Bitcoin’s rapid growth, he has repeatedly declared the superiority of cryptocurrencies, while during the bearish trend, on the contrary, he has criticized digital assets. In a sense, his behaviour has already become a local meme in the cryptocurrency fan community. That is, when Cramer talks about the prospects for coin growth, members of the blockchain community are demonstratively preparing for a collapse – and vice versa.

Mad Money host Jim Cramer

Here’s one of the most notable quotes from his recent broadcast, cited by Cointelegraph.

Crypto is indeed suffering a serious collapse. The market capitalisation has fallen from $3 trillion to $1 trillion. Why should it stop at that mark? There is no real value here anyway.

In other words, Cramer's logic is as simple as possible. If the industry has collapsed significantly now, then why should the collapse stop? Sounds dubious, of course.

Here’s a video of this statement.

Just two months ago, Cramer was enthusiastically praising Etherium, calling himself a “fan” of the altcoin. At the time, he said, one could “quite easily get 35 to 40 percent on an investment in ETH in the near future. In fact, since that presenter’s speech, Ether has fallen in value by around 62 per cent.

The day on the Etherium chart where the Mad Money release came out, where Kramer promised a rise in the coin

As we already know, there is an Inverse Cramer ETF account on Twitter that tracks the TV presenter’s predictions and posts actual results on the markets. Among his most recent posts is a forecast from early June about the “need” to buy bottoms in oil stocks.

Cramer calls for “buying out the bottom” in oil stocks

But a month later, Cramer claims that the oil market has actually gone into a bearish trend. That is, his previous advice, given the new statement, would only hurt investors.

Kramer talks about the beginning of a bearish trend in oil

But that’s not all. Shortly after the video was released, Cramer suddenly posted a tweet with the words “it’s time for crypto”. In response, followers recalled Jim’s recent remarks about “the lack of real value in digital assets” and the possibility of a further niche capitalisation collapse during the airwaves. Cramer had no reaction to the post.

There’s an important lesson in what’s happening – the Kramer story shows how all sorts of “experts” and “Influencers” can make mistakes or even deliberately disadvantage huge numbers of people. Therefore, when analyzing the market, it is advisable to rely primarily on your experience and acquired skills. As well as the ability to take risks.

Read also: The head of the Securities and Exchange Commission doesn't think Bitcoin is one. How does this help cryptocurrency?

Beyond the memes and expectations of the cryptocommunity, Bitcoin’s potential rebound also has fundamentals. According to Cointelegraph’s sources, one of them is an increase in the volume of BTC outflows from cryptocurrency exchanges. As you can see from the chart below, the figure has especially increased following the collapse of the Terra project ecosystem, which led to multi-billion dollar losses in the form of blocked customer coins.

BTC inflows and outflows on cryptocurrencies

In total, since March 2020, the number of BTC on exchanges has dropped from 3.15 to 2.4 million coins. That’s an outflow of roughly 750 thousand BTC, with 142.5 thousand BTC of them being withdrawn in the last three months alone. Overall, this metric is important for tracking the behavior of market players. The more often they withdraw bitcoins, the less BTC will be sold in the nearest future, i.e. there will be less pressure from sellers on the market.

Another fundamental prerequisite for growth is the accumulation of bitcoins by cryptocurrency wallets with less than 1 BTC in their accounts. According to analysts at Glassnode, this trend indicates an increase in interest in the crypto market from regular investors.

Dynamics of BTC accumulation by wallets with a balance of less than 1 BTC


We believe that individuals with this behavior are hurting the financial instruments industry. The matter is that their unconvincing forecasts can really attract newbies, who will be confident in the growth of a certain asset, but will end up making losses. Obviously, most such people are likely to become disillusioned with crypto and investing in general. Therefore, such statements by Jim will only increase the number of his haters.

Look for even more useful news in our millionaires’ cryptochat. There we discuss a lot more.