In a new interview on CNBC’s Squawk Box, the CNBC host and ex hedge fund manager Jim Cramer, issued a severe crypto warning to investors, predicting that the world’s largest cryptocurrency according to CoinmarketCap could plunge to a new $12,000 low.

Bitcoin maximalists must take a stand to prevent a critical price drop

Cramer in the interview asserted that Bitcoin top guns must take a stand soon so the coin doesn’t plunge further because if it does, that could be very dangerous for the entire crypto market. The industry is already in a very dire situation.

He goes on to say the coin could touch $12,000 which is where the whole thing began if steps are not taken to keep it afloat. Cramer continuously noted that BTC dropping to such a ridiculous price could be averted if the coin’s maximalists take a stand and see to it.

I think the people who are involved in Bitcoin have to take another stand… we need some guys to say ‘look, this is the level.’ That’s typical of what happens when it’s about to really drop big.

Just last week, the former hedge fund manager made it known that he’s a big believer in BTC and ETH, stating that they are the “most legitimate” digital assets. Cramer also noted that he owns crypto and wouldn’t advise anyone not to own some.

Bitcoin miners embattled as hashrate skyrockets

According to Blockchain.com, The total revenues paid to miners have fallen to their lowest level in nearly a year and the share prices of listed miners Marathon Digital and Hut 8 Mining have both fallen 41% in the last one month.

Mining Bitcoin has become more competitive and mining has gone up significantly, with Bitcoin hash rate hitting an all-time high on 12 June. Widespread Bitcoin mining has made production of coins difficult and more energy required.

Yuya Hasegawa, crypto market analyst at bitbank, warned in a note on Friday,

If the current situation continues, miners will likely sell their Bitcoins when the price rebounds, which will slow down the pace of price recovery and could put Bitcoin in a range-bound move for a while.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

The host of Mad Money, Jim Cramer, has warned about dogecoin (DOGE). He said that the meme cryptocurrency is a security and will be regulated. He also questioned the supply of dogecoin.

Jim Cramer’s Dogecoin Warning

Jim Cramer, the host of CNBC’s Mad Money, warned about investing in dogecoin (DOGE) Thursday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website.

“Please be careful with dogecoin,” he tweeted, adding that the meme cryptocurrency “is a security” and “will be regulated.” In addition, he wrote: “We will find out how many there are and how many are being created each day to make money for the exchanges.”

Cramer’s comment about the popular meme coin, which also aired on CNBC Thursday, has drawn a lot of attention on Twitter.

Many people disagreed with Cramer. Some expressed to the Mad Money host that dogecoin is not a security, questioning how he came to the conclusion that it is. Some people slammed Cramer for his lack of knowledge of blockchains and DOGE’s supply.

Dogecoin co-creator Billy Markus replied to Cramer:

Please learn how blockchain works. It’s already well known how many there are and how many are created everyday. It is in the public code on the public blockchain, easily viewable by anyone.

“In terms of ‘security,’ it is a proof-of-work cryptocurrency so you have to put in work to retrieve the coins from the block. It doesn’t qualify under the Howey Test. It works the same as bitcoin. In fact, it’s 99.5% the same code as bitcoin. Please educate yourself,” Markus stressed. He further tweeted that Cramer’s warning is “The biggest bull signal ever for dogecoin.”

SEC Chairman Gary Gensler is currently focusing on regulating cryptocurrency exchanges. He believes that many cryptocurrencies listed on exchanges are securities and must be registered. However, the SEC boss has refrained from discussing any particular crypto, including ether. The SEC is also currently in an ongoing lawsuit with Ripple Labs and its executives over the status of XRP.

Dogecoin is the 11th largest cryptocurrency by market cap. At the time of writing, the price of DOGE is 16.60 cents based on data from Bitcoin.com Markets. Its market cap is about $22 billion.

The meme cryptocurrency has many supporters, including Tesla CEO Elon Musk and Shark Tank star Mark Cuban. Musk sees dogecoin as the best cryptocurrency for transactions.

Recently, Tesla began accepting DOGE for some merchandise. Musk, who is known in the crypto community as the Dogefather, also personally owns some dogecoins.

What do you think about Jim Cramer’s dogecoin warning? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.