Peter Kramer/NBC Newswire/NBCUniversal via Getty Images
CNBC host Jim Cramer on Tuesday said he would be open to buying bitcoin again at a certain level — a day after revealing he sold nearly all his holdings.
"I would go back in if I could get it at $10,000, $11,000, $12,000 — where I bought a lot [before]," Cramer said during Tuesday's Squawk Box.
The Mad Money host said Monday that he sold his bitcoin holding, just two months after he admitted using bitcoin profits to pay off his mortgage.
"Sold almost all of my bitcoin," Cramer said during Monday's Squawk on the Street. "Don't need it.
While Cramer never revealed exactly how much he owned, he said he bought the digital currency when it was worth $12,000, the level bitcoin was trading at in 2019.
On Tuesday, bitcoin continued its tumble, falling as much as 10% to $29,333. It is now below the key technical support level of $30,000.
If the world's largest cryptocurrency prints consecutive daily closes decisively below the support level, it could see further downside to $20,000 — back to its level in December 2020.
Over the weekend, bitcoin flashed a bearish "death cross." This occurs when the shorter-term 50-day moving average crosses below the longer-term 200-day moving average.
Bitcoin has slid more than 50% from its all-time high of nearly $65,000 in April.
The sell-off can be attributed to many factors, but several analysts and commentators, including Cramer, point to China's toughening stance towards cryptocurrencies, which include ramping up a crackdown on cryptocurrency mining and ordering domestic banks and payment platforms not to provide services related to virtual currencies.
The recent string of recent cyberattacks, which have been a stark reminder of the unregulated nature of cryptocurrencies, has also dampened the sentiment surrounding bitcoin.
In April, the Colonial Pipeline was hit with a ransomware attack. Shortly after, JBS, the world's largest meat supplier, announced it was the victim of a similar hack.
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