Jim Cramer on Bitcoin, Tesla, Wells Fargo, Powell, Stock Market Tuesday

Jim Cramer talks bitcoin, Tesla, Jerome Powell's congressional testimony, Wells Fargo, Lucid Motors, ARK Invest, Medtronic and more.
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The Nasdaq is still under quite a bit of pressure on Tuesday, Feb. 23.

Both the S&P and Dow are also lower, but tech is the laggard in morning trading.

And Fed chair Jerome Powell is speaking on Capitol Hill to discuss interest rates, unemployment and a slew of other issues impacting the economy.

Jim Cramer talks bitcoin, Tesla, Jerome Powell's congressional testimony, Wells Fargo, Lucid Motors, ARK Invest, Medtronic and more in the video below: 

Bitcoin is under pressure. 

Tesla CEO Elon Musk implied that the price of bitcoin, as well as other cryptocurrencies, are extended. 

Bitcoin took a hit over the weekend and into Monday after Musk suggested on Twitter that bitcoin and other cryptocurrency valuations “seem high."

Tesla  (TSLA) - Get Report does own some bitcoin. Calling Musk a genius, Cramer said that if Elon Musk thinks that bitcoin has gotten ahead of itself, "I'm not going against him." 

And Wells Fargo  (WFC) - Get Report is making some moves. 

Wells Fargo said it will sell Wells Fargo Asset Management for $2.1 billion to the private equity firms GTCR and Reverence Capital Partners.

The company noted that after the deal closes, it will continue to own a 9.9% equity interest in the asset-management unit and continue to serve as a client and distribution partner.

While Cramer said he doesn't quite understand the move, he said sometimes it's important to trust that a bank CEO knows what he's doing. 

"In Charlie we trust, is that fair? Sometimes we say yes," Cramer said. 

Curious about what Jim Cramer and his team at Action Alerts PLUS are watching in the markets? Watch Cramer's exclusive members-only Daily Rundown show on Action Alerts PLUS following TheStreet Live.

Daniel Kuhn contributed reporting to this article.