CNBC host Jim Cramer pushed out a cryptic four-word message on Nov. 3 as Bitcoin and technology stocks faced another round of selling pressure. "Crypto put us on," Cramer wrote on X, without
CNBC host Jim Cramer pushed out a cryptic four-word message on Nov. 3 as Bitcoin and technology stocks faced another round of selling pressure.
"Crypto put us on," Cramer wrote on X, without offering further explanation.
The post came as Bitcoin struggled to hold $77,000 and Wall Street continued selling technology stocks amid concerns over artificial intelligence spending.
Cramer, who hosts CNBC's Mad Money, co-anchors Squawk on the Street and leads the CNBC Investing Club, is also the founder of TheStreet. He previously worked at Goldman Sachs and managed his hedge fund, Cramer Berkowitz.
Jim CramerHis views on cryptocurrency have shifted in recent months.
In August, Cramer said he had sold Bitcoin over concerns about quantum computing. By October, he was calling Bitcoin and Ethereum (ETH) more established cryptocurrencies, although he preferred gold for portfolio protection.
His latest post did not clarify whether he was referring to Bitcoin's decline, broader market weakness or something else.
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The Nasdaq Composite fell 1.1% on Nov. 2, extending a selloff driven partly by concerns over AI spending and technology valuations.
Bitcoin (BTC) followed suit and also slipped below $77,000 on Nov. 3, briefly touching $76,300 before recovering.
Cramer had already warned investors about the technology market on Oct. 30.
"Don't try to call the bottom in the Nasdaq just yet," he said on CNBC, pointing to uncertainty around corporate earnings, AI infrastructure spending and the upcoming U.S. midterm elections.
His concerns also extended to AI cloud provider CoreWeave.
On Oct. 20, Cramer wrote that he was "a prisoner of Coreweave" and was "breaking out."
A week later, he challenged NVIDIA CEO Jensen Huang to purchase CoreWeave's debt carrying a 15% yield, highlighting concerns about the company's financing.
The technology and cryptocurrency industries are becoming increasingly interconnected.
Bitcoin miner IREN, for instance, has been expanding into AI cloud infrastructure, using its existing data center operations to support demand for computing power.
In a Nov. 2 report, Bitfinex analysts said Bitcoin initially suffered a liquidity shock following the Binance hack before facing additional selling pressure from declining technology stocks. The analysts have warned that another leg lower in technology equities could threaten Bitcoin's support around $77,000.
This relationship is not entirely new.
A January 2022 study by International Monetary Fund (IMF) researchers found that Bitcoin and equity markets had become increasingly correlated, with volatility spilling between the two.
The findings suggest that weakness in either market can affect the other, although they do not establish what caused the latest selloff.
Beyond broader market pressure, cryptocurrency investors have also been dealing with a series of major security incidents and heavy outflows.
Related: Binance founder seeks another favor from Trump
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