Squawk

CNBC host Jim Cramer pushed out a cryptic four-word message on Nov. 3 as Bitcoin and technology stocks faced another round of selling pressure.
"Crypto put us on," Cramer <a href="https://x.com/jimcramer/status/2117628227766370576" rel="noopener noreferrer nofollow">wrote on X</a>, without offering further explanation.
The post came as Bitcoin struggled to hold $77,000 and Wall Street continued selling technology stocks amid concerns over artificial intelligence spending.
Cramer, who hosts CNBC's Mad Money, co-anchors Squawk on the Street and leads the CNBC Investing Club, is also the founder of TheStreet. He previously worked at Goldman Sachs and managed his hedge fund, Cramer Berkowitz.
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 Jim Cramer
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His views on cryptocurrency have shifted in recent months.
In August, Cramer said he had <a href="https://cryptobriefing.com/cramer-sells-bitcoin-quantum-computing/" rel="noopener noreferrer nofollow">sold Bitcoin</a> over concerns about quantum computing. By October, he was calling Bitcoin and Ethereum (ETH) more established cryptocurrencies, although he <a href="https://beincrypto.com/jim-cramer-gold-bitcoin-portfolio-insurance/" rel="noopener noreferrer nofollow">preferred gold</a> for portfolio protection.
His latest post did not clarify whether he was referring to Bitcoin's decline, broader market weakness or something else.
<a href="https://www.thestreet.com/crypto/markets/north-korea-denies-fbis-6b-binance-hack-claim" rel="noopener noreferrer nofollow">Related: Kim Jong Un's sister fires back at U.S. over $6.3 billion Binance hack</a>
<h2 id="bitcoin-and-tech-stocks-face-a-common-problem">Bitcoin and tech stocks face a common problem</h2>
The Nasdaq Composite fell 1.1% on Nov. 2, extending a selloff driven partly by concerns over AI spending and technology valuations.&nbsp;
Bitcoin (BTC) followed suit and also slipped below $77,000 on Nov. 3, briefly touching $76,300 before recovering.
Cramer had already warned investors about the technology market on Oct. 30.
"Don't try to call the bottom in the Nasdaq just yet," he <a href="https://www.cnbc.com/2026/10/30/jim-cramer-week-ahead-apple-amd-jobs-report.html" rel="noopener noreferrer nofollow">said on CNBC</a>, pointing to uncertainty around corporate earnings, AI infrastructure spending and the upcoming U.S. midterm elections.
His concerns also extended to AI cloud provider CoreWeave.
<h3 id="trending-on-thestreet-roundtable">Trending on TheStreet Roundtable:</h3>
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 <li><a href="https://www.thestreet.com/crypto/markets/trump-responds-to-binance-hack-" rel="noopener noreferrer nofollow">Trump responds to Binance hack</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/north-korea-denies-fbis-6b-binance-hack-claim" rel="noopener noreferrer nofollow">North Korea denies FBI's $6B Binance hack claim</a></li>
 <li><a href="https://www.thestreet.com/crypto/markets/cathie-woods-ark-warns-of-growing-threat-after-binance-hack" rel="noopener noreferrer nofollow">Cathie Wood's Ark warns of growing threat after Binance hack</a></li>
</ul>
On Oct. 20, Cramer <a href="https://x.com/jimcramer/status/2112541331780456640" rel="noopener noreferrer nofollow">wrote</a> that he was "a prisoner of Coreweave" and was "breaking out."
A week later, he <a href="https://x.com/jimcramer/status/2115060650120733054" rel="noopener noreferrer nofollow">challenged</a> NVIDIA CEO Jensen Huang to purchase CoreWeave's debt carrying a 15% yield, highlighting concerns about the company's financing.
The technology and cryptocurrency industries are becoming increasingly interconnected.
Bitcoin miner <a href="https://iren.gcs-web.com/static-files/1cb9f4da-d4c7-4510-8bda-e475022b59f5" rel="noopener noreferrer nofollow">IREN</a>, for instance, has been expanding into AI cloud infrastructure, using its existing data center operations to support demand for computing power.
In a <a href="https://blog.bitfinex.com/bitfinex-alpha/can-bitcoin-hold-77000-while-nasdaq-slides/" rel="noopener noreferrer nofollow">Nov. 2 report</a>, Bitfinex analysts said Bitcoin initially suffered a liquidity shock following the Binance hack before facing additional selling pressure from declining technology stocks. The analysts have warned that another leg lower in technology equities could threaten Bitcoin's support around $77,000.
This relationship is not entirely new.
A <a href="https://www.imf.org/en/blogs/articles/2022/01/11/crypto-prices-move-more-in-sync-with-stocks-posing-new-risks" rel="noopener noreferrer nofollow">January 2022 study</a> by International Monetary Fund (IMF) researchers found that Bitcoin and equity markets had become increasingly correlated, with volatility spilling between the two.
The findings suggest that weakness in either market can affect the other, although they do not establish what caused the latest selloff.
<h2 id="crypto-s-week-of-security-scares">Crypto's week of security scares</h2>
Beyond broader market pressure, cryptocurrency investors have also been dealing with a series of major security incidents and heavy outflows.
<ul>
 <li>On Oct. 29, hackers stole approximately $6.3 billion from Binance, making it the largest cryptocurrency theft on record. Blockchain analytics firm <a href="https://www.elliptic.co/insights/binance-largest-hack-in-history/" rel="noopener noreferrer nofollow">Elliptic</a> estimated the losses at $6.43 billion. Binance pledged to absorb the losses rather than pass them on to customers and began reopening withdrawals on Nov. 1.</li>
 <li>On Nov. 2, Brazilian crypto exchange Mercado Bitcoin suffered a separate security breach. According to a <a href="https://www.coindesk.com/business/2026/11/03/mercado-bitcoin-pledges-to-cover-all-user-losses-after-near-usd40-million-hack" rel="noopener noreferrer nofollow">CoinDesk report</a>, the exchange estimated its losses at approximately $38 million, with $11 million subsequently frozen. Mercado Bitcoin also promised to cover customer losses. No connection between the two attacks has been established.</li>
 <li>Meanwhile, investors have been pulling money from Bitcoin investment products. According to <a href="https://farside.co.uk/btc/" rel="noopener noreferrer nofollow">Farside Investors</a>, U.S. spot Bitcoin exchange-traded funds recorded $643.2 million in net outflows on Oct. 30, followed by another $398.6 million on Nov. 2.</li>
 <li>Binance also recorded $4.72 billion in net customer withdrawals after reopening, according to <a href="https://www.coindesk.com/markets/2026/11/03/bitcoin-steadies-after-dip-to-usd76-300-as-etf-outflows-and-midterm-elections-weigh-on-crypto" rel="noopener noreferrer nofollow">CoinDesk</a>. Those withdrawals reflect funds leaving the exchange, not additional assets stolen in the hack.</li>
</ul>
<a href="https://www.thestreet.com/crypto/markets/binance-founder-seeks-another-favor-from-trump" rel="noopener noreferrer nofollow">Related: Binance founder seeks another favor from Trump</a>
<h2 id="the-roundtable-100">The Roundtable 100</h2>
If you follow our market coverage, don’t miss the <a href="https://roundtable100.com/tab/rankings" rel="noopener noreferrer nofollow">Roundtable 100</a>. Updated every Friday, it's a power ranking of the 100 most investable tech stocks, including digital assets. Check out the latest <a href="https://roundtable100.com/" rel="noopener noreferrer nofollow">RTB 100</a> rankings at <a rel="noopener noreferrer nofollow">roundtable100.com</a>.

Jim Cramer sends cryptic four-word message on crypto

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