The end of the Swiss currency ceiling left many baffled, including CNBC's Jim Cramer.
"This is a puzzling move because you don't usually do something that you know is going to hurt your country," Cramer said on CNBC's "Squawk on the Street." "You don't do something without any preparation."
The Swiss franc skyrocketed about 30 percent against the euro after the Swiss National Bank tossed away its cap of 1.20 franc per euro. The move led to the franc's jump to .80 franc per euro before it settled at 1.03 per euro, according to the same report.
Cramer added the Swiss' abandonment of their currency ceiling against the euro could be a sign of worse things to come from the continent. "I think it's going to make people who are so aware of what's happening in Europe say, 'Wow, it's even scarier than I thought,'" he said.