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Pro-Ripple Lawyer Slams Jim Cramer's Faulty Bitcoin Advice as BTC Surges 36%

Sat, 03/18/2023 - 12:36
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Tomiwabold Olajide
Bitcoin (BTC) trading above $27,000
Pro-Ripple Lawyer Slams Jim Cramer's Faulty Bitcoin Advice as BTC Surges 36%
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In a recent tweet, pro-Ripple lawyer and founder of CryptoLaw John Deaton took a subtle jab at Mad Money host Jim Cramer for his faulty Bitcoin advice.

Deaton was reacting to a tweet by a user "Neil Jacobs," who pointed out that the Bitcoin price had risen since Cramer issued his Bitcoin take.

Earlier in the week, during an episode of the Mad Money show, Cramer voiced his loss of faith in cryptocurrencies while adding that he thinks Bitcoin's price is "being manipulated up."

Cramer noted the rise in the price of bitcoin and said, "I would sell my bitcoin right into this rally."

Many crypto enthusiasts interpreted Cramer's take on Bitcoin as a buy signal, citing his history of faulty takes. Deaton also inferred this as he thanked the Mad Money CNBC host for giving him the confidence to buy Bitcoin.

Bitcoin surpasses $27k

For the first time since June 2022, Bitcoin surpassed the $27,000 mark, reaching intraday highs of $27,780 at press time.

At the time of writing, BTC was up 2.84% in the last 24 hours to $27,466, according to CoinMarketCap data. The lead cryptocurrency is up 35.85% since the past week. The majority of cryptocurrencies also traded in the green at press time as the newest developments in the escalating U.S. banking crisis bolstered the crypto markets.

Bitcoin Reaches $26K Following $1 Billion Worth BTC Massive Move: Details

The Federal Reserve's overnight balance sheet data, which showed that roughly $300 billion had been injected into the economy as part of the reaction to the financial crisis, served as a spark for fresh upside.

In another tweet, John Deaton stated his belief that, given the growing banking crisis in the U.S., this period might be Bitcoin's moment when history books are written.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.