Jim Cramer, host of CNBCs Mad Money, on Monday, said that in light of the cryptocurrency market rebound, he would be selling all of his Bitcoin BTC/USD holdings.
What Happened: Cramer urges investors to exercise caution while dealing with Bitcoin, as the cryptocurrency is still subject to manipulation. On Mad Money, Cramer warned that "Bitcoin is a strange animal," and investors should sell their holdings amid the rally.
I would sell my Bitcoin into this rally, believe me, and I had been a believer in BTC, Cramer said.
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It should be noted that Bitcoin surged above $24,000 for the first time in over two weeks.
This is not the first time Cramer took a dig at the crypto markets. Earlier, in January, he slammed cryptocurrency markets calling them "truly a sham."
The closure of Silicon Valley Bank,a subsidiary of the SVB Financial GroupSIVB , and Signature Bank SBNY makes this an especially trying time for investors who rely on stock recommendations from Cramer. Amid these closures, many stocks that Cramer has previously recommended are among the biggest decliners.
Cramer had named Signature Bank a favorite of his, only for regulators to then close the bank weeks later.
Price Action: Apex crypto BTC was trading at $24,389, up 9.33% in the last 24 hours, according to Benzinga Pro data.
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