- Mow Takes Big Long on Bitcoin, Expecting Omega Candle
- U.S. Stock Market Crash: Impact on Bitcoin
- Jim Cramer Comments on Market Conditions
Samson Mow, a prominent Bitcoin evangelist and CEO of JAN3, a company focused on Bitcoin adoption, stated that he feels like Michael Burry from the famous movie 'The Big Short'. Unlike Burry, who bet on the fall of mortgage bonds, Mow is betting on a significant rise in Bitcoin, anticipating the occurrence of the so-called 'Omega candle'.
Mow Takes Big Long on Bitcoin, Expecting Omega Candle
In a recent tweet, Samson Mow confessed that he sometimes feels like Michael Burry, the legendary trader and investor from 'The Big Short' movie, whose part was brilliantly played by Christian Bale. Burry predicted the future crash of the housing market in the U.S. in 2008. Mow's comparison to Burry was made in relation to Mow’s confidence (which he believes to be firm knowledge) in a Bitcoin Omega candle coming to hit the market. He stressed this fact, adding that the arrival of this mega-sized green Bitcoin candle 'is taking longer than expected.'
U.S. Stock Market Crash: Impact on Bitcoin
On August 4, the U.S. stock market experienced a significant shake-up as a mind-boggling $1 trillion were wiped out due to a massive sell-off. This mega-sale also hit the cryptocurrency market, causing Bitcoin to lose 5.37% and plunge from $59,390 to the $65,803 price level. Today, however, a big green candle on an hourly chart helped Bitcoin to regain $58,000 briefly. BTC is currently changing hands at $56,832 again.
Jim Cramer Comments on Market Conditions
Financial commentator Jim Cramer took to his X account to clarify what was going on. According to his tweet, the sell-off was focused mainly on everything related to AI technology, data centers, and/or computing. But, he pointed out, it was also about selling the stocks of companies dealing with housing, oil, and some companies working with infrastructure. Nvidia, a giant and leading producer of chips used for cryptocurrency mining and AI training, received a subpoena from the U.S. Department of Justice.
Mow continues to believe in a significant rise in Bitcoin and advises other cryptocurrency supporters to remain confident and patient despite temporary setbacks and prolonged waits. The situation in the U.S. stock market also impacts the cryptocurrency market, causing fluctuations and uncertainty.
