Coincidentally after a gloomy prediction from Cramer almost a month ago, Bitcoin has surged.
BlackRock’s application for a spot ether ETF was the key factor behind crypto values soaring.
In the finance sector, Jim Cramer, a popular television personality and financial analyst, is typically noted for his aggressive market forecasts. When Jim Cramer predicts the direction of digital assets or equities, a phenomenon that has been jokingly dubbed “Cramer’s curse” often follows.
A curious pattern has evolved where the market seems to move counter to his projections, resulting in an inverse approach among certain traders. A fund that invests in the exact opposite direction of what Cramer predicts has been floated about.
Coincidentally after a gloomy prediction from Cramer almost a month ago, Bitcoin has had an astounding 38% increase against this background. Although this link is anecdotal, it does make market dynamics more interesting.
Bulls in Control
Bitcoin witnessed a rising trend in price over the last several weeks. The price has been making new highs and new lows, a traditional sign of bullish momentum. The latest surge has pushed the price above the $36,000 psychological barrier.
Significant price increases in the cryptocurrency market recently may be explained by a perfect storm of upbeat developments. BlackRock’s application for a spot ether ETF with the State of Delaware was the key factor that sent cryptocurrency values soaring. Moreover, Bitcoin’s ability to reclaim key technical levels has boosted investor optimism.
At the time of writing, bitcoin is trading at $37,138, up 0.18% in the last 24 hours as per data from CoinMarketCap. However, the trading volume is down 18.59%. The overall crypto market has been trading in green lately with Ethereum price breaking above $2000 level.