Jim Cramer, Mad Money host on CNBC, says that he has sold most of his Bitcoin assets, following a crackdown in China over cryptocurrency miners in Sichuan. He explained that he expected Bitcoin to slide even further down in value.
He also said that China’s crackdown on cryptocurrency mining was a factor, as well as the integrity of Tether, an issuer of stablecoin. The value of the world’s most popular cryptocurrency decreased by more than 11% on Monday, right after news broke of the central bank in China telling big financial institutions to halt virtual transactions.
Bitcoin is currently down more than 5% as a result of the last 24 hours.