US President Threatens Funding Bill, Causing Market Fears.
A possible government shutdown in the US is expected this Saturday due to a disagreement over funding for 2025. The bill includes pay rises and multiple benefits for Democratic congressmen. Tech mogul Elon Musk has spoken out against the bill on X. Financial commentator Jim Cramer says “buy fear, not sell it” during times of market uncertainty.
The president wants Congress to pass the bill without additional expenses and salary rises, but this would allow the national debt limit to be increased temporarily. If the bill is not passed, a temporary government shutdown will occur this week.
Cramer has studied past governmental shutdowns and advises investors to “buy fear, not sell it.” In the crypto community, this advice often sparks debate. However, when Cramer predicts market downturns or asset price drops, such as Bitcoin’s recent decline by almost 10%, the market tends to react in the opposite direction.
Bitcoin’s value has dropped from $102,450 to $92,951 over the last 24 hours due to Federal Reserve boss Jerome Powell’s statement about reducing interest rates next year. The Fed now plans a 25-basis-point cut in early 2025, compared to the expected 100-basis-point cut.
Source: https://www.investing.com/news/cryptocurrency-news/jim-cramer-says-buy-fear-not-sell-it-crypto-community-reacts-3785209