Jim Cramer urged investors not to let bitcoin's recent gains tempt them into buying crypto.
, reaching as high as $23,155.93 as investors bet that the Federal Reserve will ease its pace of interest rate cuts or stop them altogether.
To explain the analysis from Garner, who is the senior commodity market strategist and broker at DeCarley Trading, Cramer examined the daily chart of Bitcoin futures and the tech-heavy Nasdaq-100 going back to March 2021.Garner pointed out that the two indexes are almost trading in lockstep, which suggests that it's a risk asset rather than a currency or stable store hold of value, according to Cramer.
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