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Crypto Market Bloodbath Explanation Provided by Jim Cramer

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Jim Cramer shared his take on the current crashes in the crypto and stock markets, here’s what AI got to do with this

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions.

The leader of the cryptocurrency market Bitcoin shows a 4.60% plunge in the past 24 hours . S&P 500 index has fallen by 6.88 today.Satoshi Tells NBA Legend Pippen That Bitcoin Is Going to $84K...in His Dream 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 leveraged to infrastructureCramer’s tweet about AI-related sell-off took place in light of US Department of Justice beginning to subpoena microchip-producing behemoth Nvidia as part of the escalating anti-trust probe.

Nvidia’s position in the rapidly growing AI space has become dominant recently with many AI-developing companies, including Elon Musk’s xAI purchasing H100 chips to train their AI models.DoJ is subpoenaing not only Nvidia but also several other chip-producing companies since they are suspected of violating antitrust laws, according to Bloomberg. The US government is now getting close to issuing a formal complaint against Nvidia.

In line with this, as September has only just started, the current sell-off seems to be following the “traditional” bearish scenario. As for Octobers, Bitcoin rose by 40% and 50% at the highest in the last ten years.However, Bitcoin maximalist Samson Mow doubts that this concept of bearish Septembers is accurate about BTC. In today’s tweet, he shared several key reasons why he expects the world’s flagship cryptocurrency to surge despite all the bearish September predictions and expectations.

 

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