Pseudonymous cryptocurrency trader “Algod” bet $1 million on Terra LUNA/USD crashing weeks before the event unfolded. His position against trades recommended by Jim Cramer has now doubled.
What Happened: In a Twitter update on Monday, Algod said his “inverse Jim Cramer” account had risen to over $100,000 from its starting value of $50,000.
“Some people work a 9-5 job, I simply just countertrade Cramer. It's not much but honest work,” said Algod in a tweet.
Cramer’s calls on cryptocurrency have been scrutinized by market participants in recent months for being wildly inaccurate. Most recently, the Mad Money host was criticized for predicting Ethereum ETH/USD would see 30-40% gains when it was trading ahead of $3,000 in April. The second largest cryptocurrency by market cap lost 60% of its value after Cramer’s statements.
See Also: HOW TO BUY ETHEREUM (ETH)
In July, Cramer referred to cryptocurrency as an “awful asset” without any real value. At the time, ETH was trading at $1,122 and went on to rise to $2,000 on Aug 14.
A Twitter account and website called Inverse Cramer ETF, dedicated to tracking trades on the opposite of Cramer recommendations, has quickly gained popularity among market participants.
Sir you said to get out before the run even started pic.twitter.com/U9AB3AxFrw— Inverse Cramer ETF (Not Jim Cramer) (@CramerTracker) August 18, 2022
The account recently pointed to Cramer’s call for investors to exit their Bed Bath & Beyond Inc BBBY positions before its 180% rise as another example of when the investor has been wrong.
Price Action: At press time, ETH was trading at $1,593, down 1.97% over the last 24 hours as per data from Benzinga Pro. Bitcoin BTC/USD was trading at $21,300, down 0.54% over the same period.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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