CNBC's "Mad Money" host, Jim Cramer, has stated that he will not engage in any business dealings with Binance, deeming it "way too sketchy" after hearing about the CFTC investigation on allegations of offering unregistered derivatives products and helping US-based customers avoid compliance controls. In response to Cramer's comments, Binance CEO Changpeng Zhao and the crypto community on Twitter have expressed their elation. Some speculate that Cramer's inverse reputation could bolster the uptrend for BNB.
Former CFTC chairman Tim Massad led the CFTC during the Obama administration and is currently commenting on the lawsuit. Despite the complaint against Binance, Massad believes that it is unlikely to lead to the regulation of the US crypto industry. Cramer's statement could suggest that the case against Binance is fragmented, despite Massad's initial suggestion that it was detailed. This follows Cramer's recent call for the market to "calm down and slow down."
The Binance CEO has taken notice of CZ's comment and responded with a reaction that could be perceived as either an expression of remorse or gratitude.
Engaging in 'Inverse Cramer' Trading
Jim Cramer has gained notoriety as the 'Inverse Cramer,' where traders do the opposite of his recommendations. In February, the television host suggested buying Silicon Valley Bank (SVB) stock at $320, but as of March 30th, the stock was trading for a penny.
Cramer advised investors to sell their Bitcoin (BTC) two weeks ago, but the king cryptocurrency has increased by almost 20% since then. This has led market participants to believe that going against Cramer's advice could be the simplest way to achieve substantial gains.
Cramer advised investors to sell their Bitcoin (BTC) two weeks ago, but the king cryptocurrency has increased by almost 20% since then. This has led market participants to believe that going against Cramer's advice could be the simplest way to achieve substantial gains.
Cramer advised investors to sell their Bitcoin (BTC) two weeks ago, but since then, the leading cryptocurrency has surged by nearly 20%. Consequently, market players are of the opinion that the simplest strategy to achieve significant gains is to go against Cramer's advice.
Cramer's remarks affect BNB price As of writing, the BNB price has increased by almost 1% in the past 24 hours, surpassing BTC's 0.05% gain during the same period, possibly in response to Cramer's comments.
Investors can anticipate a continuation of Binance Coin's decisive uptrend since March 28, following Cramer's optimistic reference. This may result in the token's ascent of about 12%, as previously anticipated, or possibly even higher.
On the other hand, the bullish thesis for BNB would be negated if the token's price falls below the support level of $310 provided by the 50-day Exponential Moving Average (EMA).
Jim Cramer's statement that he would not do business with Binance is not necessarily bullish news for Binance Coin (BNB). However, it remains to be seen how the market will react to Cramer's comments in the long run.
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