CNBC’s Jim Cramer on Monday told investors that they still have time to sell their cryptocurrency holdings.
“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 bad position, and you have it if you own this digital asset,” he said.
Fell from FTXinsolvent cryptocurrency exchange worth $32 billion at the peak, has spent the crypto space on intense scrutiny and spurred mounting losses in a market that has seen digital assets get pummeled by Federal Reserve interest rate hikes.
Cramer, who has warned against staying speculative assets when the Fed continues to tighten the economy, reiterated its arguments and said that investors should not be fooled by some coins’ inflated market capitalization.
“Tetherso-called stablecoins that are supposed to be pegged to the dollar, still have a market cap of $65 billion,” he said, adding, “There’s still a whole crypto-boosting industry trying very hard to keep all these things in the air – not too different from what happened to bad stocks during the dotcom crash.”