Jim Cramer, the popular CNBC host, is tweeting once again about crypto, but the community is not finding the famous stock picker's cryptic tweet amusing.
This is because Cramer has a reputation in the cryptocurrency industry for providing crypto tips that frequently turn out to be off the mark or the exact reverse of what he predicted. Over the past few years, his predictions and his inconsistent love-hate connection with cryptocurrency have become a meme in the community.
time for crypto!!— Jim Cramer (@jimcramer) July 6, 2022
What Cramer implied by his tweet "time for crypto" remains as yet unknown.
As previously reported, Jim Cramer slammed cryptocurrencies on Tuesday's episode of CNBC's Squawk Box, saying the asset class had "no real value."
The renowned stock picker added that there might still be a lot of opportunities for crypto to decline after the overall market cap dropped below the $1 trillion mark. As a result of the CNBC host declaring there was "no real value in crypto" and forecasting further market declines, some in the cryptocurrency industry think the market bottom may have been reached.
I'm sorry @jimcramer but I have to agree that your comment is the most bullish sign Crypto has had in weeks. https://t.co/iKT8his8wr— John E Deaton (204.4K Followers Beware Imposters) (@JohnEDeaton1) July 5, 2022
CryptoLaw founder John Deaton said Jim Cramer's statements constitute the most bullish sign for crypto in weeks.
Sentiment slightly improves
At the time of publication, the Crypto Fear and Greed Index stood at 18, its highest level in the previous two months. According to a note from Arcane research analysts, the index is now moving toward the "fear" region.
They stated, "The sentiment in the crypto market has been depressed for several months, but we're seeing a slight improvement this week."
On July 5, Bitcoin reached a peak of $20,720 before falling to $20,174 at the time of publication. The second quarter saw an almost 60% decline in the value of the biggest digital asset in the world as hawkish central banks and a succession of high-profile crypto meltdowns shook confidence.