Jim Cramer: Bitcoin will Dump to $12,000, Its “Pre-Fiasco” Level

Jim Cramer

    • Jim Cramer recently appeared on CNBC’s Squawk Box to discuss Bitcoin.
    • The TV personality predicts that Bitcoin will drop to $12,000.
    • Bitcoin has been in a downward trend, and is trying not to drop below the $20,000 key support level.

Jim Cramer says Bitcoin is likely to drop further in the short term rather than bounce. The investor who hosts CNBC’s “Mad Money” program reiterated his bearish view on the benchmark cryptocurrency by claiming that it’s time for those in the industry to accept that BTC is ready for a big fall.

According to the popular investor, the cryptocurrency will likely dip to lows of $12,000, which he terms as the pre-fiasco level.

Joe Kernen, the host of CNBC’s “Squawk Box,” had invited Jim Cramer onto the show to chat about Bitcoin and conventional markets. Kernen asked Cramer about his views on Bitcoin’s price drop and the potential future of the controversial currency. When asked if the Bitcoin would fall 50% or 100%, Kernen replied saying, “I think it goes to 12,000.”

Cramer also stated the people behind Bitcoin had to take another stand. “We need some guys to say, look this is the level, that’s typical of what happens when it’s about to really drop big.”

Cramer’s comments come just a week after he referred to Bitcoin and Ethereum as the most legitimate cryptocurrencies. The financial guru also remarked that people should be permitted to invest in them as long as they do not consider them risk-free assets.

BTC is currently under downward pressure near $20,600, about 3% down in the previous 24 hours. Weekly losses are at 30%, while the bear market has lost 70% of its value since peaking last November at around $69,000. In a recent post on June 14, leading cryptocurrency YouTuber Tone Vays posted a video in which he claims that Bitcoin (BTC) has hit its bottom.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

the join the whitelist button is non responsive onClick. can someone please look at my render button code and let me know where the problem is from

import Head from "next/head"; import styles from "../styles/Home.module.css"; import Web3Modal from "web3modal"; import { providers, Contract } from "ethers"; import { useEffect, useRef, useState } from "react"; import { WHITELIST_CONTRACT_ADDRESS, abi } from "../constants"; export default function Home() { // walletConnected keep track of whether the user’s wallet is connected or not const [walletConnected, setWalletConnected]::Listen

import Head from "next/head"; import styles from "../styles/Home.module.css"; import Web3Modal from "web3modal"; import { providers, Contract } from "ethers"; import { useEffect, useRef, useState } from "react"; import { WHITELIST_CONTRACT_ADDRESS, abi } from "../constants";

export default function Home() { // walletConnected keep track of whether the user’s wallet is connected or not const [walletConnected, setWalletConnected] = useState(false); // joinedWhitelist keeps track of whether the current metamask address has joined the Whitelist or not const [numberOfWhitelisted, setNumberOfWhitelisted] = useState(0); const [joinedWhitelist, setJoinedWhitelist] = useState(false); // loading is set to true when we are waiting for a transaction to get mined const [loading, setLoading] = useState(false); // numberOfWhitelisted tracks the number of addresses’s whitelisted

// Create a reference to the Web3 Modal (used for connecting to Metamask) which persists as long as the page is open const web3ModalRef = useRef();


  • Returns a Provider or Signer object representing the Ethereum RPC with or without the
  • signing capabilities of metamask attached
  • A Provider is needed to interact with the blockchain – reading transactions, reading balances, reading state, etc.
  • A Signer is a special type of Provider used in case a write transaction needs to be made to the blockchain, which involves the connected account
  • needing to make a digital signature to authorize the transaction being sent. Metamask exposes a Signer API to allow your website to
  • request signatures from the user using Signer functions.
  • @param {*} needSigner – True if you need the signer, default false otherwise */ const getProviderOrSigner = async (needSigner = false) => { // Connect to Metamask // Since we store web3Modal as a reference, we need to access the current value to get access to the underlying object const provider = await web3ModalRef.current.connect(); const web3Provider = new providers.Web3Provider(provider);
// If user is not connected to the Rinkeby network, let them know and throw an error const { chainId } = await web3Provider.getNetwork(); if (chainId !== 4) {   window.alert("Change the network to Rinkeby");   throw new Error("Change network to Rinkeby"); }  if (needSigner) {   const signer = web3Provider.getSigner();   return signer; } return web3Provider; 



  • addAddressToWhitelist: Adds the current connected address to the whitelist */ const addAddressToWhitelist = async () => { try { // We need a Signer here since this is a ‘write’ transaction. const signer = await getProviderOrSigner(true); // Create a new instance of the Contract with a Signer, which allows // update methods const whitelistContract = new Contract( WHITELIST_CONTRACT_ADDRESS, abi, signer ); // call the addAddressToWhitelist from the contract const tx = await whitelistContract.addAddressToWhitelist(); setLoading(true); // wait for the transaction to get mined await tx.wait(); setLoading(false); // get the updated number of addresses in the whitelist await getNumberOfWhitelisted(); setJoinedWhitelist(true); } catch (err) { console.error(err); } };


  • getNumberOfWhitelisted: gets the number of whitelisted addresses */ const getNumberOfWhitelisted = async () => { try { // Get the provider from web3Modal, which in our case is MetaMask // No need for the Signer here, as we are only reading state from the blockchain const provider = await getProviderOrSigner(); // We connect to the Contract using a Provider, so we will only // have read-only access to the Contract const whitelistContract = new Contract( WHITELIST_CONTRACT_ADDRESS, abi, provider ); // call the numAddressesWhitelisted from the contract const _numberOfWhitelisted = await whitelistContract.numAddressesWhitelisted(); setNumberOfWhitelisted(_numberOfWhitelisted); } catch (err) { console.error(err); } };


  • checkIfAddressInWhitelist: Checks if the address is in whitelist */ const checkIfAddressInWhitelist = async () => { try { // We will need the signer later to get the user’s address // Even though it is a read transaction, since Signers are just special kinds of Providers, // We can use it in it’s place const signer = await getProviderOrSigner(true); const whitelistContract = new Contract( WHITELIST_CONTRACT_ADDRESS, abi, signer ); // Get the address associated to the signer which is connected to MetaMask const address = await signer.getAddress(); // call the whitelistedAddresses from the contract const _joinedWhitelist = await whitelistContract.whitelistedAddresses( address ); setJoinedWhitelist(_joinedWhitelist); } catch (err) { console.error(err); } };

/* connectWallet: Connects the MetaMask wallet */ const connectWallet = async () => { try { // Get the provider from web3Modal, which in our case is MetaMask // When used for the first time, it prompts the user to connect their wallet await getProviderOrSigner(); setWalletConnected(true);

  checkIfAddressInWhitelist();   getNumberOfWhitelisted(); } catch (err) {   console.error(err); } 


/* renderButton: Returns a button based on the state of the dapp */ const renderButton = () => { if (walletConnected) { if (joinedWhitelist) { return ( Thanks for joining the Whitelist! ); } else if (loading) { return Loading…; } else { return ( Join the Whitelist ); } } else { return ( Connect your wallet ); } };

// useEffects are used to react to changes in state of the website // The array at the end of function call represents what state changes will trigger this effect // In this case, whenever the value of walletConnected changes – this effect will be called useEffect(() => { // if wallet is not connected, create a new instance of Web3Modal and connect the MetaMask wallet if (!walletConnected) { // Assign the Web3Modal class to the reference object by setting it’s current value // The current value is persisted throughout as long as this page is open web3ModalRef.current = new Web3Modal({ network: "rinkeby", providerOptions: {}, disableInjectedProvider: false, }); connectWallet(); } }, [walletConnected]);

return ( Whitelist Dapp Welcome to Crypto Devs! Its an NFT collection for developers in Crypto. {numberOfWhitelisted} have already joined the Whitelist {renderButton()}

  <footer className={styles.footer}>Made with ❤ by 0xtova</footer> </div> 

); }

Jim Cramer: Bitcoin will Dump to $12,000, Its “Pre-Fiasco” Level

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