Jim Cramer on how investors should handle bitcoin's weekend plunge

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Bitcoin dropped to close to $52,000 on Sunday morning, days after reaching an all-time high near $65,000 in a wild weekend of trading. Bitcoin was up modestly to around $56,000 early Monday. But that’s down about 13% from last week’s record. CNBC’s Jim Cramer, Carl Quintanilla and David Faber discuss. Subscribe to CNBC PRO for access to investor and analyst insights on crypto and more: https://cnb.cx/2BT2E7y

The price of bitcoin tumbled over the weekend and was down as much as 19.5% from record highs posted by the popular cryptocurrency in the past week.

Bitcoin dropped as low as $52,148.98 on Sunday morning after reaching an all-time high above $64,800 on Wednesday, according to CoinDesk. It was last trading just over $55,795.

Other cryptocurrencies, including ether and dogecoin, also took a hit over the weekend. The price of ether, the second-biggest token by market value, dropped as much as 18% and fell below $2,000 on Sunday before more recently trading at over $2,150. The token had also recently hit record highs, topping $2,500 on Thursday.

Meanwhile, dogecoin, which soared more than 400% at one point last week and hit an all-time high of 45 cents, dropped as low as 24 cents this weekend.

What exactly is driving the drop is unclear.

An unverified report on Twitter claimed that the U.S. Treasury Department could be looking to crack down on financial institutions for money laundering using cryptocurrency.

A tweet from the account @Fxhedgers that referred to the possibility of a crackdown, citing unnamed sources, went viral on Saturday evening.

The U.S. Treasury Department did not immediately respond to CNBC’s request for comment.

The cryptocurrencies hit record highs this past week amid the excitement surrounding the stock market debut of cryptocurrency trading platform Coinbase, which became the largest cryptocurrency company to go public on Wednesday. The company’s blockbuster direct listing briefly valued Coinbase at about $100 billion (before falling to just over $62 billion by the end of the week), giving a boost to the rest of the cryptocurrency industry.

Despite those record prices, some investors have been concerned that cryptocurrencies like bitcoin are experiencing a bubble. The recent spike by dogecoin, which started as a joke based on the 2013 “Doge” meme, in particular, has fueled concerns of a bubble in the cryptocurrency market.

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Comments

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Chad Kunka says:

Bitcoin is stupid, everyone already has a debit card so what is even the point of it?

Eduardo Rosales says:

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Think about it !!

Mystic Psychic says:

It's dropping due to the safe banking act. soon as it was announced a vote btc dropped. Allot was pulled off exchanges. These people will have banking services. The safe banking act will effect bitcoin .

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j says:

CNBC Anchors are getting maaaaad on the fence FOMO to get more growth gains

keto6789 says:

This show is a joke.

Joy Slavin says:

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Perry D says:

Cramer drinks mouthwash in the morning to get a buzz to claim he doesn’t drink before noon

Perry D says:

Bitcoin rhymes with shitcoin, just saying….

Anderrlla Vicente says:

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HodLSpacecraft says:

How should you handle it?

Buy more and HODL

Владимир Иванов says:

Due to the unstable situation with Bitcoin, it is better to lower the leverage to a minimum, or even better not to trade for now.

teamfibulous says:

LOL tax my crypto?? Yeah right I’m buying your stuff with useless fiat. I’m keeping my btc

Mike Walters says:

It's worth exactly what someone else is willing to pay

Eric P says:

To answer Cramer’s question, Bitcoin could theoretically be more permanent than real estate. Once Earth gets destroyed, that real estate is gone. Bitcoin is just math, so as long as there’s a system that can maintain it, it can continue to exist.

Alston Fernandez says:

BUY POLKADOT (DOT), REN, SYNTHETIX, AND CHAINLINK. I BOUGHT CHAINLINK BACK AT .45 CENTS. I THINK THERE IS A FUTURE FOR THESE INTERESTING PROJECTS .
I HAVE BEEN INTO MINING BTC AND LTC SINCE 2012, ETHEREUM SINCE 2016, I BOUGHT RIPPLE XRP AT .0065 AND NEO (ANTSHARES) ICO BACK UNDER 2 BUCKS. GOT LUCKY AND ALSO LOST A LOT OF MONEY.

Eric P says:

You tell them to buy that dip.

its a wacky world says:

Dont listen to this propaganda. These are the same people that told you not to buy bitcoin because it would be worthless.

Max Headly says:

China cut power in many parts of the country, no power affected crypto miners.

CM Wol says:

1. Who reads Time magazine?
2. Cramer has always pupmed up stocks
3. Bottom line Cramer & Gang's don't understand Bitcoin and cyrpto and their reporting is way behind the curve….

Zak Hamlin says:

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therealdjx214 says:

I lost a lot money this weekend

John Snow says:

"Which one more permanent?" Bitocin or Land? Bitcoin!

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