Investors still have time to sell their cryptocurrency holdings, according to Jim Cramer of CNBC.
You cannot simply tell yourself that it is too late to sell and beat yourself up. The fact is, if you own these so-called digital assets, you are in a terrible position and it is never too late to exit, he said.
A market that has seen digital assets get battered by the Federal Reserve’s interest rate hikes has seen mounting losses as a result of the collapse of FTX, the bankrupt cryptocurrency exchange that had a peak market value of $32 billion. The collapse of FTX has brought the crypto space under intense scrutiny.
Cramer, who has previously warned against investing in speculative assets while the Fed continues to tighten the economy, reiterated his point, saying that investors should not be misled by the inflated market capitalization of some coins.
He also predicted that more marginal coins, such as XRP, dogecoin, Cardano, and Polygon, would fall much further, possibly to zero.
Tether, a so-called stablecoin that’s supposed to be kinda-sorta pegged to the dollar, still has a $65 billion market cap, he said, adding that there’s still a whole industry of crypto boosters trying desperately to keep all of this up in the air — not too dissimilar to what happened with bad stocks during the dotcom collapse.
