Today, news circulated in the market that “Mad Money” host Jim Cramer said he was bullish on Binance and its BNB token, even as the crypto exchange faces regulatory hurdles and liquidity concerns. The market perceived that Cramer’s failure in his predictions would be counterproductive for the stock market and its token. In the latest development, Binance CEO took a different approach to the event.
Binance CEO: Jim Cramer posts FUD!
Today, news circulated that the famous American television host Jim Cramer took a bullish stance on Binance and its token BNB. This event was perceived as a negative situation for the crypto exchange and its token. Because the failure of Jim Cramer’s predictions gave him a different reputation. However, it turned out that the news circulated on social media was not true.
A crypto influencer alias CryptoBusy wrote on account X, “This screenshot of Jim Cramer is from a video in September 2022 discussing Treasury bonds. Jim Cramer’s topic on CNBC this September 5th is about “Hero stocks.” He shared that the news was FUD. In the latest development, Binance CEO also quoted this post and labeled it “4” as he always does. In this context, Chanppeng Zhao made the following suggestive post:
Wow… I survived. Don’t believe the photoshopped pictures, guys. ‘4’
https://twitter.com/cz_binance/status/1699143872918548634
Jim Cramer’s controversial market influence
As you follow from Kriptokoin.com, Jim Cramer is no stranger to controversy. However, its influence in financial circles is unquestionable. Whether viewed as a finance sage or a high-risk gambler, Cramer has a history of challenging market predictions. In crypto, his predictions often went in the other direction. Earlier this year, he warned users to exit Bitcoin when Bitcoin was hovering below $17,000. The token is up 30% annually since Cramer’s recommendation. Therefore, the news that Cramer was bullish on Binance and its token was perceived negatively.
His so-called ‘crazy predictions’ are more evident in the stock market. Last year, he advised his audience to step back from Nvidia stock. However, it soon witnessed its shares soar by 284%. Last month, Cramer said he was bullish on Nvidia. However, the company’s share prices immediately fell 2.4%. Cramer’s reversal has been so pronounced in recent years that an Inverse Cramer Tracker ETF has been created to take advantage of Cramer’s often unintuitive market calls. The fund shorts stocks that Cramer recommends. Thus, it aims to profit from any subsequent price drop. Therefore, given the current regulatory and internal challenges of the exchange, its support for Binance and the BNB token has received a lot of attention.
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