Bitcoin Selloff: Why Jim Cramer Isn't Buying the Dip

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Bitcoin and other cryptocurrencies were falling in intraday trading on Wednesday, May 19. 

The selloff was easing slightly heading into afternoon trading. 

However, the capitalization for the global cryptocurrency market dropped nearly 25% over the last day, according to CoinMarketCap.

TheStreet's Rob Lenihan noted that Bitcoin prices slumped to a three-and-a-half month low Wednesday, while cryptocurrency peers such as Ethereum and Dogecoin traded heavily in the red, following a renewed crackdown on virtual currencies markets in China and a broader pullback in risk markets in the United States.

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