CNBC’s Jim Cramer told investors on Monday that they still have time to sell their cryptocurrencies.
“You can’t just beat yourself up and say, ‘Hey, it’s too late to sell.’ The truth is, it’s never too late to sell a terrible position, and that’s what you have when you own these so-called digital assets,” he said.
The collapse of FTXthe bankrupt cryptocurrency exchange that was worth $32 billion at its peak has thrown the crypto space under intense scrutiny and spurred mounting losses in a market that has seen digital assets battered by the Federal Reserve’s rate hikes.
Cramer, who has warned against staying in speculative assets as the Fed continues to tighten the economy, reiterated his argument, saying investors should not be fooled by some coins’ inflated market capitalization.
He added that he expects more marginal names including XRP, dogecoin, Cardano and polygon to fall much further, possibly to zero.
“Tethera so-called stablecoin that’s supposed to be sort of pegged to the dollar still has a $65 billion market cap,” he said, adding, “There’s still an entire industry of crypto boosters desperately trying to keep all of this in the air — not too dissimilar to what happened to bad stocks during the dotcom crash.”