Exchange today with Jim Cramer: Bitcoin Headwinds, Cleveland-Cliffs
Shares rose on Monday, rebounding from Friday’s liquidation, which mirrored signals from the Federal Reserve that it may raise interest rates and start cutting asset purchases sooner than expected.
The S&P 500 ended its worst week since February on Friday after St. Louis Federal Reserve Chairman James Bullard said the central bank began talks to reduce the pace of its $ 120 billion in monthly bond purchases. He also predicted that the first rate hike could come as early as 2022, earlier than the Federal Reserve forecast.
Jim Cramer on Bitcoin
Bitcoin has had a difficult start to the week after authorities in China’s Sichuan province decided this weekend to crack down on cryptomining.
The move indicates that China could be hostile to a second world currency heavily influenced by Western billionaires, TheStreet’s Jim Cramer said on Monday from the New York Stock Exchange floor.
Bitcoin also has possible regulatory hurdles ahead as authorities decide how to handle bitcoin paid in ransomware attacks.
Bitcoin prices are down about 6.75% in the past 24 hours when last checked on Monday.
Jim Cramer: Sell Cleveland-Cliffs, Buy This One
Cleveland-Cliffs has been caught up in the meme inventory craze, surging more than 40% since the start of the year on Monday. The title was up 3% on Monday.
Jim Cramer considers the iron ore and steel company to be of little benefit. Market dynamics make Nucor (NAKED) – Get a report a better buy for investors since it uses recycled iron ore to make steel, he says.
Chinese officials have said they plan to release government reserves of several key metals, except iron ore, which should keep the prices of the raw material used to make steel low.