CNBC host Jim Cramer claims Bitcoin is being “manipulated up”

Despite Bitcoin (BTC) terms surging +10.34 successful the past 24 hours, Jim Cramer claimed that BTC is being “manipulated up.”

On the heels of bailouts of SVB and Signature — 2 large lenders successful the U.S. — Cramer says that determination is nary foreseeable usage lawsuit for Bitcoin.

In effect to a question connected whether accent connected the banking strategy and the national reserve strengthens the concern lawsuit for BTC, Cramer responded:

“No. Bitcoin went up today, and I could reason that present it can’t beryllium held successful banks. Bitcoin is simply a unusual animal, I volition say. Point blank, I deliberation it’s being manipulated up. It was being manipulated the full clip by Sam Bankman-Fried. So delight don’t assume, therefore, that it’s not inactive being manipulated. And I would merchantability my bitcoin close into this rally.

Cramer’s erstwhile enactment for Silicon Valley Bank

Cramer precocious supported was Silicon Valley Bank (SVB), telling viewers of his amusement ‘Mad Money’ past period to bargain banal successful the present defunct bank.

However, Cramer has been known to marque an inverse telephone — adjacent spawning respective memes and adjacent indexes based connected picking the other of what Cramer recommends.

Quantbase’s Inverse Cramer Index is up 105.31% vs. benchmark since it’s motorboat March 31, 2017.

(Source: Quant Base)

Bitcoin’s inverse Cramer surge

Following the announcement by U.S. authorities that deposits successful failed banks would beryllium protected,  BTC terms surged to astir $25,000 — representing a 20% summation since Friday’s lows. The terms emergence caused a rally among large cryptocurrencies and crypto-related companies.

However, the illness of these banks is anticipated to effect successful a important slowdown successful Fed complaint hikes, and it is present considered improbable that determination volition beryllium immoderate further complaint hikes.

The station CNBC big Jim Cramer claims Bitcoin is being “manipulated up” appeared archetypal connected CryptoSlate.