Jim Cramer says he will buy bitcoin again if it falls to near $10,000 - a day after saying he sold nearly all his holdings
Jim Cramersaid he would be open to buying bitcoinagain, a day after he revealed selling nearly all his holdings.
- "I would go back in if I could get it at $10,000, $11,000, $12,000," Cramer said Tuesday.
- Bitcoin on Tuesday fell as much as 10% to $29,333, falling below a key technical support level.
CNBC host Jim Cramer on Tuesday said he would be open to buying bitcoin again at a certain level - a day after revealing he sold nearly all his holdings.
"Sold almost all of my bitcoin," Cramer said during Monday's Squawk on the Street. "Don't need it.
While Cramer never revealed exactly how much he owned, he said he bought the digital currency when it was worth $12,000, the level bitcoin was trading at in 2019.
On Tuesday, bitcoin continued its tumble, falling as much as 10% to $29,333. It is now below the key technical support level of $30,000.
If the world's largest cryptocurrency prints consecutive daily closes decisively below the support level, it could see further downside to $20,000 - back to its level in December 2020.
Over the weekend, bitcoin flashed a bearish "death cross." This occurs when the shorter-term 50-day moving average crosses below the longer-term 200-day moving average.
Bitcoin has slid more than 50% from its all-time high of nearly $65,000 in April.
The sell-off can be attributed to many factors, but several analysts and commentators, including Cramer, point to China's toughening stance towards cryptocurrencies, which include ramping up a crackdown on cryptocurrency mining and ordering domestic banks and payment platforms not to provide services related to virtual currencies.
The recent string of recent cyberattacks, which have been a stark reminder of the unregulated nature of cryptocurrencies, has also dampened the sentiment surrounding bitcoin.
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