• The recent downfall of American banks and Silicon Valley Bank shares have caused a stir in the crypto space, with leaders pointing to Jim Cramer’s influence.
• Crypto traders have been successfully utilizing the ‚Inverse Cramer‘ tactic for altcoins, which was cemented by Bitcoin’s 9% gain after his Dogecoin (DOGE) bashing.
• Twitter has been abuzz with light-hearted takes on the situation from Cardano (ADA) founder Charles Hoskinson and Binance Boss Changpeng ‚CZ‘ Zhao.
The Inverse Cramer Effect
The recent downfall of American banks didn’t pass by unnoticed by the crypto community, with many believing that CNBC’s Mad Money host Jim ‘Inverse’ Cramer is to be blamed for the financial crisis. Crypto traders have since applied the “Inverse Cramer” tactic on various altcoins and enjoyed multiple rallies, most notably when Bitcoin (BTC) gained 9% just hours after he bashed Dogecoin (DOGE). This was followed up by BTC breaking $26,000 for the first time since June 2022 with a 18% gain following the FED rate announcement.
Crypto Leaders Take to Social Media
Leaders in the crypto space voiced their opinion regarding this situation, some taking it upon themselves to lighten up what otherwise would be a grim situation as American banks crash. From Cardano (ADA) founder Charles Hoskinson pointing out how government deem crypto as “super risky” while banking giants fail due to their own policies, to Binance CEO Changpeng ‘CZ’ Zhao blaming printed-out fiat currencies for posing a risk to fiat-backed stablecoins such as Tether, Circle and Paxos.
Do Kwon’s Failed Attempt at Execution
CZ also contemplates that Terra (LUNA) founder Do Kwon was right in trying to make a crypto-backed stablecoin but failed miserably in execution. Furthermore, other influential figures such as BlueCollarDangerous (@PeeCowYay) expressed nostalgia over Jim Cramer’s previous comment of “It’s all going to zero” being one of their favorite digital asset mini rally indicators.
What Does This Mean For Crypto?
This saga could mean different things for different people depending on which side you are looking from: A lesson about trusting too much in what people say or an opportunity for those who know how to take advantage of it? Yet there remains one thing clear: The financial world is changing fast and cryptocurrency is here to stay no matter what happens next.
Regardless of how you feel about this whole fiasco involving Jim Cramer and America’s banking system crash, it cannot be denied that cryptocurrency has become an increasingly important part of our society today and its importance will only continue grow even further in future years ahead!