Overview of the Recent Bank Crash
• The recent downfall of American banks didn’t surpass the crypto market, as seen in the recent case of the Silvergate bank crash.
• Many leaders of the crypto space tend to believe that Jim ‚Inverse‘ Cramer is to be blamed for the recent financial crisis, as his confident endorsement of Silicon Valley Bank just a month ago turned out to be wrong.
• Crypto traders applied ‚Inverse Cramer‘ tactics and enjoyed multiple altcoin rallies after he publicly blasted Dogecoin (DOGE), Solana (SOL), Cardano (ADA), and Bitcoin (BTC).
Tweets by Crypto Leaders
Cardano (ADA) founder Charles Hoskinson pointed out the recent attacks on Tether, Circle, and Paxos and how crypto handled it with confidence. Binance boss Changpeng ‚CZ‘ Zhao blamed the crisis on printed-out fiat currencies which are „a risk to fiat-backed stablecoins“ and Do Kwon’s failed execution of Terra (LUNA).
The 9% Gain for Bitcoin
Bitcoin broke $26,000 line for first time since June 2022 and recorded a historic daily run with 18% gains after FED rate announcement. Crypto traders applied ‘Inverse Cramer’ tactics which eventually caused a 9% gain in BTC.
Jim Cramer’s Effect on Crypto Market
Jim Cramer’s public endorsement or blasting certain assets had an impact on crypto market movements as it could result in sudden price increase or decrease respectively. This tactic has been used by many crypto traders who saw success in it.
The banking crash caused by Jim Cramer’s false predictions did not affect cryptocurrencies too much as they managed to remain relatively unaffected by this event. Moreover, some crypto traders even profited from this situation thanks to ‘Inverse Cramer’ technique which resulted in significant gains for digital assets such as Bitcoin, Dogecoin and Cardano.