The CEO of Binance and the crypto Twitter are thrilled with the comment.
Given Cramer’s negative reputation, may this support the upward trend for BNB?
The popular “Mad Money” anchor and well-known American television celebrity Jim Cramer has declared that he will not work with Binance. Cramer made the remarks after listening to Tim Massad, a former head of the Commodities Futures Trading Commission (CFTC).
During the three years that former US President Barrack Obama was in office, Massad served as the head of the CFTC.
Deals with Binance are “far too suspicious.”
A CFTC investigation into charges that Binance and its founder, CEO Changpeng Zhao (CZ), offered unregistered derivatives products . In essence, this complaint alleges that Binance and Zhao intentionally and methodically fostered American business, assisted US citizens in getting over those prohibitions, and even took actions internally to try and conceal how much US business they were engaging in. According to reports, CZ rejected the lawsuit because of the “incomplete recitation of facts.” He added that Binance disagreed with how many of the problems raised in the complaint were described.
Yet according to Massad, it is unlikely that the CFTC’s legal action against Binance will convince Congress to pass legislation governing the US crypto market. He predicts that the agency’s lawsuit against Binance won’t be resolved for some time.
When Cramer uses the word “sketchy,” he may be implying in a contentious manner that the CFTC’s case is disjointed.
It is noteworthy that Jim Cramer’s most recent news comes days after he urged the market to “cool down and slow down.”
Yet, Cramer’s remarks appear to have provided guidance to many who were unsure after the lawsuit.
Even the CEO of Binance took notice of CZ’s remark and responded with what might have been taken as “sorry” or “thank you.”
Price of BNB responds to Cramer
The price of BNB has increased by approximately 1% over the past day, outpacing the price of BTC, which has increased by 0.05% as of the time of writing.
Because of Cramer’s bullish allusion and the fact that Binance Coin has been in a clear upswing since March 28, investors should anticipate a continuation. The token may increase by 12% or more as a result, as was originally anticipated.
On the other hand, the bullish thesis would be disproved if BNB price lost the support offered by the 50-day Exponential Moving Average (EMA) at $310.
The “Inverse Cramer”: Trading
When Jim Cramer recommends to go right, you should go left because of his reputation as the “Inverse Cramer.” For instance, the media celebrity recommended buying Silicon Valley Bank (SVB) stock around $320 in February. However as of March 30, the stock was only worth one penny.
Cramer advised investors to sell their Bitcoin (BTC) two weeks ago, but as it turns out, the king of cryptocurrencies has increased by roughly 20% since the advice.
Market participants now believe that going against Cramer’s advice is the simplest way to make a fortune.