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Stock Market Today With Jim Cramer: Bitcoin Headwinds, Cleveland-Cliffs

Jim Cramer says bitcoin faces multiple headwinds as China turns more hostile toward the cryptocurrency.

Stocks rose Monday, rebounding from Friday's selloff, which reflected signals from the Federal Reserve that it could boost interest rates and begin tapering asset purchases sooner than expected. 

The S&P 500 on Friday finished its worst week since February after St. Louis Federal Reserve Bank President James Bullard said the central bank had started talks on trimming the pace of its $120 billion in monthly bond purchases. He also predicted the first rate increase may come as soon as 2022, earlier than the Federal Reserve's forecast.

Jim Cramer on Bitcoin

Bitcoin is having a rough start to the week after authorities in China's Sichuan province over the weekend decided to crack down on cryptomining. 

The move signals that China may be hostile to a second global currency that is heavily influenced by billionaires in the West, TheStreet's Jim Cramer said on Monday from the floor of the New York Stock Exchange. 

Bitcoin also has possible regulatory headwinds ahead as authorities decide how to handle the bitcoins paid out in ransomware attacks. 

Bitcoin prices were down about 6.75% over the past 24 hours at last check Monday.

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Jim Cramer: Sell Cleveland-Cliffs, Buy This One

Cleveland-Cliffs has been caught up in the meme stock craziness, jumping more than 40% year to date as of Monday. The stock was up 3% on Monday. 

Jim Cramer sees the iron ore and steel company as having little upside. Market dynamics make Nucor  (NUE) - Get Report a better buy for investors since it uses recycled iron ore to make steel, he says.

Chinese authorities said they planned to release government reserves of several key metals, not including iron ore, which should keep prices of the raw material used to make steel down. 

Nucor is a holding in Jim Cramer's Action Alerts PLUS member club. Want to be alerted before Jim Cramer buys or sells NUE? Learn more now.