Jim Cramer has shared his perspective on why the cryptocurrency market is crashing. The crypto market crashed on September 4 after the Bitcoin price slipped briefly below the $55,000 mark. The entire crypto market dropped 5.1% as $199 million worth of open positions comprising 75,487 traders got liquidated. The largest single liquidation order happened on the ETH/USDT pair on Binance, where the trader lost $2.94 million, according to data from Coinglass. On the other side, the traditional market wiped out $1 trillion from the U.S. stocks.
Jim Cramer Says ‘It’s not A Market-Wide Sell-Off’
As both the traditional and crypto market crash continue to deepen, the host of Mad Money on CNBC, Jim Cramer, has said the current downturn is not a market-wide sell-off but rather, a sell-off of only AI, data center, and computing sectors.
It’s not a market-wide sell-off at all. It is a sell-off of anything having to do with AI/data center/computing as well as housing and oil and some companies
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