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, threw the crypto space under scrutiny and growing losses stimulated in a market that has seen digital assets take a beating from Federal Reserve interest rate hikes.
Cramer, who warned against staying in speculative assets as the Fed continues to tighten the economy, reiterated its point and said investors should not be fooled by the inflated market capitalization of certain coins.
“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.”