CNBC host Jim Cramer admitted to selling almost all of his Bitcoin (BTC) holdings when the crypto market was not performing well.
"Sell almost all Bitcoin. I don't need it anymore. ” - Jim Cramer.
Cramer explained in his interview with CNBC's Squawk Box on the Street, his actions are based on the Bitcoin situation which will not show a positive development due to structural factors:
The restrictions on the crypto sector in China especially in bitcoin mining activities have caused the hashrate record to decline and most miners are starting to lift their feet from the country.
U.S. supervisors will act more decisively in the wake of a ransomware attack on the Colonial Pipeline system in May that caused a temporary disruption of fuel in the southeastern U.S. region. The attack involved $ 4.4 million of Bitcoin as hostages.
The USDT is considered to have a weak structure in support of the crypto market due to the ongoing controversy over the reserves that support stablecoin
This may be the second time Cramer has liquidated his cryptocurrency assets. In April the figure once issued a portion of Bitcoin to pay off mortgages and described his actions as using “fake money to pay real money”.
Anyway Bitcoin today has hit a daily low just now, hitting $ 31,131 before rising back to its current value of writing the article, $ 32,637.
