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Bitcoin Drops Below $27K, Ether Stable as Jim Cramer Pokes Bearish Calls
Ether showed signs of stability after a nearly weeklong decline.
Updated Oct 12, 2023, 2:58 p.m. Published Oct 12, 2023, 7:52 a.m.
Bitcoin slipped just under 1% in the past 24 hours as bearish calls among analysts including Jim Cramer, a former hedge fund manager and host of CNBC’s Mad Money, grew. Overall market capitalization lost 0.3%.
Ether showed signs of stability around $1,500 with a 0.5% gain after a nearly weeklong slide. The token started to drop Monday after the influential Ethereum Foundation sold $2.7 million worth of ETH for stablecoins.
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XRP and BNB Chain’s bnb tokens fell 0.4%, while Solana’s SOL dropped 1.4%. The only gainer among large-cap tokens was Chainlink’s LINK, which added 2.2% as one research firm noted it was likely the “safest bet” to profit from the emerging real-world asset (RWA) tokenization trend.
The CoinDesk Market Index (CMI), a broad-based indicator made up of hundreds of tokens, fell 0.4% to suggest overall losses among investor holdings.
Cramer joined an increasing cohort of bearish analysts Tuesday, suggesting bitcoin could “go down big.”
Earlier this week, several traders told CoinDesk that they expected risky assets, such as bitcoin and technology stocks, to fall further as the conflict between Hamas and Israel worsened – prompting fears of global instability and a flight to safe assets.
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What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
What to know:
- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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