Skip to content

Jim Cramer and Bloomberg Send Crypto Positives

Steve Miley trader
Updated 10 Jun 2022

Trade Cryptos Here Your Capital Is At Risk

Key points:

  • Jim Cramer Owns Crypto
  • Bloomberg Covers More Crypto Coins
  • CPI Data Key To Watch Today

Jim Cramer Owns Crypto

Talking on CNBC on Wednesday (9th June), Jim Cramer, the host of CNBC’s Mad Money and co-founder of TheStreet.com said “I can’t tell you not to own crypto. I own crypto. I own Ethereum (ETH)”. He added that “I think crypto should be part of a person’s diversified portfolio,” and also “I would never discourage you from buying crypto,”.

He also added that “You must admit that it’s speculative,” highlighting “Don’t put it in the Procter & Gamble class. It’s not Coca-Cola. It’s not Apple.”
So, although not an outright buy recommendation for cryptocurrencies, he certainly advocates holding some in a portfolio, having previously stated that he held 5% of his portfolio in cryptocurrency.

Also Read: Five Best Cryptocurrencies to Stake Now

Bloomberg Covers More Crypto Coins

One of the world’s largest providers of data to institutional investors, Bloomberg, has added to its coverage of crypto assets on its Bloomberg Terminal, now raised to 50 markets. This in order to allow the institutional clients to have access to price movements within the cryptocurrency markets. This is a significant leap higher, having listed only 10 crypto assets since 2018, now providing live prices to professional investors and institutions with the ability to place trades.
This is particularly important as Bloomberg Terminal is seen as the must-have tool in the institutional investing and trading world, further legitimizing the cryptocurrency space and highlighting maturing and evolving crypto markets. This activity further highlights the growing legitimacy of cryptocurrency markets, as evidenced just in the past week by the US Congress Crypto-Friendly Bill.

CPI Data Key To Watch Today

Today saw the release of the critical US Consumer Price Index (CPI) data at 08.30ET, (which is at 13.30 UK BST). Although cryptocurrencies do not have a natural and obvious correlation with inflation data, so far in 2022 the major cryptocurrencies have had a positive correlation with the global and, in particular, US equity indices, such as the S&P 500 and the Nasdaq.

And a high inflation number would be a definite negative for the US stock averages, and therefore, in turn, probably for the major cryptocurrencies.
According to the Bloomberg calendar, expectations were for the Core CPI to be at 0.5% MoM for May and 5.9% YoY. The actual data came in at 0.6% and 6%, respectively, higher than the consensus. The headline CPI data consensus was at 0.7% MoM and 8.3% YoY, with actual data posting at 1.0% and 8.6%, once more above forecasts.
On initial release this saw US (and global) stock indices push lower, and produced a sell-off in the major cryptocurrencies, notably Bitcoin and Ethereum.

Steve has 29 years of financial market experience including 3 years at Credit Suisse and 15 years at Merril Lynch. Steve is the Academic Dean for The London School of Wealth Management and has won many awards from Technical Analyst Magazine.