Crypto markets opened the new year on a high, but the tables have turned only a day after Jim Cramer turned bullish on Bitcoin.

What Happened: After Cramer reversed his stance on Bitcoin (CRYPTO: BTC), the cryptocurrency tanked, following a Matrixport report stating a Spot Bitcoin ETF approval will be delayed.

Back in early 2023, Cramer advocated for exiting crypto, saying it's never too late to sell.

The global crypto market cap is currently down 6.7% over the past 24 hours and stands at $1.63 trillion:

• Bitcoin and Ethereum (CRYPTO: ETH) are both trading at a daily 6% loss at the time of writing.
• Polygon (CRYPTO: MATIC) is down 14.7%
• Shiba Inu (CRYPTO: SHIB) (-14%)
• Solana (CRYPTO: SOL), Polkadot (CRYPTO: DOT), Avalanche (CRYPTO: AVAX), and Chainlink (CRYPTO: LINK) all posted losses of 12-14%.
• Total Bitcoin Futures Open Interest on all exchanges stands at $18.6 billion, down 7.8% in the past four hours — 6.2% lower in the past 24 hours.

Experts/Traders Opinions: The X community ripped Jim Cramer for his bullish comments on Bitcoin only a day before the liquidation cascade. 

TMG B, strategic advisor, venture capitalist, and angel investor took to his X handle and stated, “JIM CRAMER CAUSED THIS #BITCOIN CRASH.”

Crypto enthusiast, Dot stated, “I didn’t expect the market to dump so soon! Damn you Jim Cramer!”

Forbes 40 under 40 and X user, Elja stated, “BITCOIN JIM CRAMER EFFECT”

BITCOIN JIM CRAMER EFFECT😮‍💨 pic.twitter.com/dQPXSVCmoT

— Elja (@Eljaboom) January 3, 2024

Research and Investment analyst, Gumshoe states, “Jim Cramer shoulder Resistance pattern has 100% hit rate.”

Jim Cramer shoulder Resistance pattern has 100% hit rate pic.twitter.com/wKdSnIFycx

— Gumshoe (@0xGumshoe) January 3, 2024

Read Next: Will Bitcoin Price Breach $50,000? Matrixport Report Highlights Bitcoin Funding Rate Surging To 66%

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