In a recent segment of “Mad Money,” Jim Cramer cautioned against putting money into Marathon Digital Holdings (NASDAQ: MARA), suggesting Bitcoin or Ethereum as preferable investment options.
Jim Cramer, a renowned financial expert, delivered a cautionary message to investors regarding Marathon Digital (MARA) during his “Lightning Round” segment. Cramer discouraged viewers from purchasing shares of the company, which is involved in Bitcoin mining, suggesting instead that investors consider Bitcoin (BTC/USD) or Ethereum (ETH/USD) as alternatives.
Cramer’s words were clear,
“If you want to own Marathon Digital, just go buy either Ethereum or buy Bitcoin, ok. Let’s not fool around.”
Cramer’s advice follows a period of volatility in Marathon Digital’s stock, which has seen its value plummet by over 20% in the past month. This decline mirrors the broader turbulence in the cryptocurrency market.
The CNBC host’s recommendation reflects the current state of the crypto market, which has been subject to fluctuation. On Tuesday, Ali Martinez, a cryptocurrency analyst, emphasized the significance of the critical support level of $62,000 for Bitcoin, noting that a failure to maintain this level could lead to a focus on the next significant demand area around $51,500. On the flip side, a rebound above $66,250 could signal a resurgence in market sentiment.
Despite concerns surrounding crypto market volatility, Wall Street experts maintain confidence in the continuation of the bull market. They point to a robust U.S. economy and the potential of artificial intelligence (AI) as driving factors.
In addition to his remarks on Marathon Digital (MARA), Cramer has offered insights into broader market dynamics, cautioning investors to exercise prudence in their buying and selling decisions. His recent advice aligns with a cautious stance toward prevailing market conditions.
Marathon Digital (NASDAQ: MARA) Stock Price Action
At the time of publication, MARA stock has risen 2.73% to $15.03 from the previous trading session. Traders have exchanged 39,007,545 (39 million) shares, compared to the average daily trading volume of 67.83 million.
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