Home TECH 'Never take advice from Jim Cramer!' Acesparks host dragged over Coinbase tip

‘Never take advice from Jim Cramer!’ Acesparks host dragged over Coinbase tip

- Advertisement -


Jim Cramer was the target of ire on social media on Friday after crypto trader Coinbase’s stock shot up just a week after the Acesparks finance guru warned of an SEC probe into the company.

On July 26, Cramer tweeted: “The Coinbase roll over on a possible SEC investigation is very bad news given that we don’t even know what it’s about. But they were always hoping to avoid SEC scrutiny.”

Twitter users then posted screenshots showing Coinbase’s stock price soared by more than 16% on Thursday to above $106 a share.

Coinbase was trading at around $92 a share on Friday. In the last five days, the company’s stock has risen by more than 50%.

The crypto exchange announced on Thursday that it has entered into a partnership with investment giant BlackRock, the world’s largest asset manager, which will allow its institutional clients to buy digital currencies such as bitcoin.

The sharp rise in Coinbase stock price prompted critics on Twitter to dunk on Cramer.

“I don’t care if a company is the next Amazon. If Jim Cramer is recommending the stock I will never buy,” tweeted accountant and financial news analyst Genevieve Roch-Decter.

Another Twitter user noted: “Just one week after Jim Cramer became bearish on Coinbase, the stock ripped 89%.”

“Never take financial advice from Jim Cramer!” crypto podcaster Tony Edwards tweeted.

Last month, an ex-Coinbase employee was arrested and charged for an alleged insider trading scheme.

Shares of Coinbase spiked after the company announced a partnership this week with BlackRock.

Ishan Wahi, 32, worked as a product manager for Coinbase. The federal government alleges that Wahi tipped off his brother, Nikhil Wahi, and a friend about the company’s secret plans to start offering certain cryptocurrencies.

Federal investigators allege that the three men were able to pocket $1.5 million in profits.

Coinbase said it launched its own internal investigation of the matter and that it turned over its findings to the Department of Justice.

.

- Advertisement -
- Advertisement -
Must Read

Charles Oliveira sends warning to Islam Makhachev and his ‘arrogant’ team, manager responds

Charles Oliveira has sent a stern warning to Islam Makhachev ahead of their highly anticipated lightweight title fight at UFC 280. Oliveira...
- Advertisement -

Miro Seemingly Agrees That He Had It Better In WWE Than AEW

Miro used to work under the name of Rusev when he was in WWE. During his time in the company, Miro...

Michael Mann’s ‘Heat 2,’ Jennette McCurdy memoir: 5 new books

In search of something good to read? 's Barbara VanDenburgh scopes out the shelves for this week's hottest new book releases. ...

Britney Spears rips Kevin Federline for revealing sons don’t talk to her

Britney Spears has ripped ex-husband Kevin Federline for revealing that she is estranged from their teenage sons — while admitting their troubled relationship...
Related News

Charles Oliveira sends warning to Islam Makhachev and his ‘arrogant’ team, manager responds

Charles Oliveira has sent a stern warning to Islam Makhachev ahead of their highly anticipated lightweight title fight at UFC 280. Oliveira...

Miro Seemingly Agrees That He Had It Better In WWE Than AEW

Miro used to work under the name of Rusev when he was in WWE. During his time in the company, Miro...

Michael Mann’s ‘Heat 2,’ Jennette McCurdy memoir: 5 new books

In search of something good to read? 's Barbara VanDenburgh scopes out the shelves for this week's hottest new book releases. ...

Britney Spears rips Kevin Federline for revealing sons don’t talk to her

Britney Spears has ripped ex-husband Kevin Federline for revealing that she is estranged from their teenage sons — while admitting their troubled relationship...

Los Angeles voters to decide if hotels will be forced to house the homeless despite safety concerns

NEWYou can now listen to Acesparks articles! Los Angeles voters will cast their ballot on a proposal that could force hotels to...
- Advertisement -