Despite Bitcoin (BTC) price jumping +10.34 over the past 24 hours, Jim Cramer has claimed that BTC is being “manipulated.”

Following the bailouts of SVB and Signature (two major US lenders), Cramer said there are no foreseeable use cases for Bitcoin.

Responding to a question about whether stress on the banking system and the Federal Reserve would strengthen BTC investments, Cramer replied:

“No. Bitcoin went up today, but now I can say you can’t bank it. Bitcoin is a strange animal, I would say. Point blank, I think it’s being manipulated.” I think it was manipulated all along by Sam Bankman Freed so don’t assume it hasn’t been manipulated yet and I’m selling my bitcoin to this rally.

Kramer’s previous support for Silicon Valley Bank

Cramer recently supported Silicon Valley Bank (SVB). tell the audience A member of his show “Mad Money” last month bought shares in a now-defunct bank.

However, Cramer has been known to make reverse calls. We even generate some memes and indexes based on choices contrary to what Cramer recommends.

Quantbase’s Inverse Cramer Index is up 105.31% against the benchmark since its launch on March 31, 2017.

inverse Kramer index
(Source: Quant Bass)

Bitcoin Inverse Kramer Surge

BTC’s price surged to nearly $25,000, up 20% from Friday’s lows, following the US regulator’s announcement that deposits in failed banks would be protected. Rising prices have caused a rally among major cryptocurrencies and crypto-related companies.

However, these bank failures are expected to significantly slow Fed rate hikes, and further hikes are now considered unlikely.

By Jules

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