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In a notable turnaround, Jim Cramer, the host of CNBC’s Mad Money, changed his stance on , now encouraging those who have confidence in its future to invest in the cryptocurrency. This turnaround comes as bitcoin recently surpassed the $37,000 mark, marking a significant rise of 125.30% since the start of the year. Following Cramer’s review of advice today on CNBC’s Lightning Round, bitcoin prices immediately rose, highlighting its influence on market sentiment.
Mr. Cramer’s change of heart is particularly striking when considering his previous advice. In December 2022, he urged investors to sell bitcoin when it was trading at $17,150 – a position that proved less favorable as bitcoin’s value has since soared more than 115%. The rising price of the cryptocurrency is also contributing to the gains of bitcoin mining companies. CleanSpark (NASDAQ:) Inc, for example, saw its shares jump 7.28% in a single day and 21% over the past five days, which is attributed to operational expansions and efficiency improvements before an anticipated halving event. Other mining entities like Riot Platforms (NASDAQ:) and Hut 8 Mining Corp are seeing similar positive momentum.
The cryptocurrency market is currently awaiting a decision from the U.S. Securities and Exchange Commission (SEC) regarding a bitcoin spot ETF, which could potentially fuel further growth. This situation highlights the volatile nature of the crypto market and the challenges it poses to traditional financial analysts’ ability to make accurate predictions. Cramer’s latest advice reflects the growing recognition of cryptocurrencies as a viable investment option for those who believe in their long-term potential.
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