Jim Cramer urges investors to get out of crypto – ‘it’s never too late’

Jim Cramer urges investors to exit crypto -

CNBC’s Jim Cramer told investors on Monday that they still have time to sell their cryptocurrency holdings.

“You can’t beat yourself up and say, ‘Hey, it’s too late to sell.’ The truth is, it’s never too late to sell a horrible position, and that’s what you have if 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 caused mounting losses in a market that has seen digital assets pummeled by rate hikes Federal Reserve interest rate.

Cramer, who warned against staying in speculative assets while the Fed continues to tighten the economy, reiterated his point and said investors shouldn’t be fooled by the inflated market capitalization of some coins. .

He added that he expects more fringe names, including XRP, dogcoin, gimbal and Polygon fall much further, perhaps down to zero.

Attacheda so-called stablecoin that is supposed to be somehow pegged to the dollar, still has a market cap of $65 billion,” he said, adding: “There is still a whole industry of crypto boosters desperately trying to keep all of these things up in the air – not too dissimilar to what happened with the bad stocks during the dotcom meltdown.”

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