CNBC’s Jim Cramer on Monday determined investors that they still have time to sell their cryptocurrency holdings.
“You can’t just beat yourself up and say, ‘hey, it’s too at an advanced hour to sell.’ The truth is, it’s never too late to sell an awful position, and that’s what you have if you own these so-called digital assets,” he told.
The collapse of FTX, the bankrupt cryptocurrency exchange that was worth $32 billion at its peak, has thrown the crypto space comprised in intense scrutiny and spurred mounting losses in a market that has seen digital assets get pummeled by the Federal Substitute’s interest rate hikes.
Cramer, who has warned against staying in speculative assets while the Fed continues to tighten the frugality, reiterated his argument and said that investors shouldn’t be fooled by some coins’ inflated market capitalization.
He added that he foresees more marginal names including XRP, dogecoin, Cardano and Polygon to fall much further, possibly to zero.
“Leash, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap,” he said, combining, “There’s still a whole industry of crypto boosters trying desperately to keep all of these things up in the air — not too different from what betid with bad stocks during the dotcom collapse.”