"Hmm but usually people will do the opposite of what Jim Cramer says right?"
Jim Cramer, host of CNBC Mad Money who received a warning from "Larry Williams" has predicted that the cryptocurrency market will see more price drops in the coming days or weeks.
Although there is no guarantee that the predictions will come true, the entire crypto market has shown bearish signals with the prices of Bitcoin (BTC) and Ethereum (ETH) showing declines of 3.55% and 2.90% respectively.
Through observation, BTC has shown some negative sentiments where its price including other cryptocurrencies are in weak momentum even though the spot BTC ETF has been approved by the Securities and Exchange Commission (SEC).
Chief Executive Officer (CEO) of Blockchain Investment Fund and Advisory service Ran Neuner has attributed the drop in BTC prices to Grayscale's drastic accumulation of GBTC as the cause of the decline.
Following the decline, the broad market cap fell from around $1.82 trillion to $1.66 trillion.
There is also the challenge of a strong United States (US) dollar causing selling pressure on BTC, so here it can be seen that a drop in the price of BTC directly triggers the same movement against other digital assets.
Other altcoins face the same fate, but upcoming events such as a possible interest rate cut by the Federal Reserve (Fed) could cause crypto price movements to react more positively.
