Cramer reveals how low bitcoin would have to go for him to start buying again

Published Tue, Jun 22 20219:39 AM EDTUpdated Tue, Jun 22 202112:22 PM EDT

CNBC's Jim Cramer said Tuesday he'd be willing to buy bitcoin again if it were to really tank. The "Mad Money" host's comments came one day after he said he "sold almost all" of his bitcoin and as the world's largest cryptocurrency fell more than 9%, trading below $30,000 . At one point, the digital currency slid below $29,000 and briefly turned negative for the year. Later in the day, bitcoin pared its declines and turned positive. Tuesday's move lower was a continuation of recent selling as China expanded its crackdown on crypto mining and urged financial institutions not to provide services to the industry. Bitcoin has plunged more than 50% from its all-time high in April near $65,000. At the time, it had a market value of more than $1 trillion. Cramer said Tueaday on "Squawk Box," "I would go back in if I could get it at 10,000, 11,000, 12,000 — where I bought a lot [before]." The $30,000 threshold had been seen as a key bitcoin support level by technical analysts who follow the crypto market. Galaxy Digital CEO Mike Novogratz, whose firm invests in all manner of crypto, told "Squawk Box" earlier Tuesday that he's "less happy" about bitcoin than he was at those lofty heights of a few months ago. He acknowledged that $25,000 could be the next level of support . However, he said he's "not nervous" about the long-term prospects for bitcoin. Cramer said later in the show that he likes ether , the world's second-largest crypto, more than bitcoin. However, ether, which runs on the Ethereum blockchain, has not been immune to the collapse in the market. It was down 8% earlier Tuesday, before cutting some of its losses. It's off roughly 50% from its all-time highs in May. Last month, Cramer said he ended up with "a lot" of ether after he acquired it to bid on nonfungible tokens, or NFTs, being auctioned in March by Time magazine. "I didn't get it, so I just kept the ether," he said at the time. In February, Cramer discussed on CNBC his motivation for owning bitcoin, describing the cryptocurrency as one "alternative to a cash position, where you make absolutely nothing." Cramer has since cooled on bitcoin, saying Monday that he's worried about China's efforts to crush it and how the U.S. government might regulate it due to its use in ransomware attacks.

Jim Cramer

Scott Mlyn | CNBC

CNBC's Jim Cramer said Tuesday he'd be willing to buy bitcoin again if it were to really tank.

The "Mad Money" host's comments came one day after he said he "sold almost all" of his bitcoin and as the world's largest cryptocurrency fell more than 9%, trading below $30,000.

At one point, the digital currency slid below $29,000 and briefly turned negative for the year. Later in the day, bitcoin pared its declines and turned positive.

Tuesday's move lower was a continuation of recent selling as China expanded its crackdown on crypto mining and urged financial institutions not to provide services to the industry.

Bitcoin has plunged more than 50% from its all-time high in April near $65,000. At the time, it had a market value of more than $1 trillion.