Bitcoin Drops Below $27K, Ether Stable as Jim Cramer Pokes Bearish Calls

Ether showed signs of stability after a nearly weeklong decline.

AccessTimeIconOct 12, 2023 at 7:52 a.m. UTC
Updated Oct 12, 2023 at 2:58 p.m. UTC

Bitcoin slipped just under 1% in the past 24 hours as bearish calls among analysts including Jim Cramer, a former hedge fund manager and host of CNBC’s Mad Money, grew. Overall market capitalization lost 0.3%.

Ether (ETH) showed signs of stability around $1,500 with a 0.5% gain after a nearly weeklong slide. The token started to drop Monday after the influential Ethereum Foundation sold $2.7 million worth of ETH for stablecoins.

XRP and BNB Chain’s bnb tokens fell 0.4%, while Solana’s SOL dropped 1.4%. The only gainer among large-cap tokens was Chainlink’s LINK, which added 2.2% as one research firm noted it was likely the “safest bet” to profit from the emerging real-world asset (RWA) tokenization trend.

The CoinDesk Market Index (CMI), a broad-based indicator made up of hundreds of tokens, fell 0.4% to suggest overall losses among investor holdings.

Cramer joined an increasing cohort of bearish analysts Tuesday, suggesting bitcoin could “go down big.”

Earlier this week, several traders told CoinDesk that they expected risky assets, such as bitcoin and technology stocks, to fall further as the conflict between Hamas and Israel worsened – prompting fears of global instability and a flight to safe assets.

Edited by Sheldon Reback.


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Shaurya Malwa

Shaurya is the Deputy Managing Editor for the Data & Tokens team, focusing on decentralized finance, markets, on-chain data, and governance across all major and minor blockchains.