CNBC’s Jim Cramer Pushes the Panic Button Amid Crypto Crash: ‘There Should Be a Lot of Fear’

CNBC’s Jim Cramer sounded the alarm on Monday amid the crash of the cryptocurrency market.

On Monday, as of this writing, Bitcoin was at an 18-month low, losing 13.44 percent in the past 24 hours, while Ethereum, BNB, Dogecoin, have lost 15.35 percent, 12.68 percent and 15.65 percent, respectively, according to CoinMarketCap.

“Jim, are you concerned that the VIX indicates that people just — there’s not enough fear at this point?” asked CNBC host Joe Kernen during Squawk Box, referring to the CBOE Volatility Index, which shows volatility in the S&P 500.

“Well, I think that there should be a lot of fear, realize that the crypto situation is — this is crypto Monday,” replied Cramer. “I think people are just frantically trying to get out of crypto and, I don’t know, it’s happening very quickly. It’s really happening quickly, wow.”

CNBC’s Andrew Ross Sorkin asked Cramer, “Does that change your view though, Jim, on crypto, either as a buying opportunity or selling?”

“Well, I think a lot of places are trying to figure out whether how exposed they are, and I think that this is kind of day one of the reckoning,” said Cramer. “So I think, Andrew, yeah, I think that people are going to freak out. I mean, look, there’s a lot of schadenfreude, saying, you know, I got out, but then there are a lot of people who’ve come on air who have just proselytize and proselytize and they feel like the rainmaker.”

Watch above, via CNBC.