David Schwartz, Ripple’s Chief Technology Officer, sarcastically reacted to recent statements by Jim Cramer, a well-known CNBC host, about the possibility of a ‘Black Tuesday’ in financial markets. Cramer warned that the market could face a crash similar to the Black Tuesday of 1987. This warning comes as global stock markets witnessed extensive selling last week, leading to a more than $5 trillion drop in the S&P 500 index value in just two days, raising concerns about a historic crash repeating in the new week. Schwartz, in response, wrote in a sarcastic tone: ‘Finally some good news!’ He referred to a phenomenon called the ‘Cramer Effect’, where the market usually moves contrary to Jim Cramer’s predictions. For example, in late January, after Cramer made a negative prediction about Bitcoin, the cryptocurrency unexpectedly reached $100,000. Schwartz now hopes this pattern repeats, and the market takes an upward trend contrary to Cramer’s forecast. At the time of writing, Bitcoin has recovered some of its recent losses and is trading around $77,102. Meanwhile, market analyst Michael Van De Pop believes that the market has hit a price bottom based on technical indicators. Considering the approximately $10 trillion drop in global financial markets, this analyst suggests that we might soon witness a return to an upward trend, with Bitcoin and major altcoins entering a phase of renewed accumulation. Other analysts have also pointed out that the current downturn surpasses even the market crashes during the 2008 financial crisis and the COVID-19 crisis in 2020. Some have drawn parallels between the current conditions and the 2020 crash, suggesting that traders may encounter profitable opportunities in the crypto market.
