Jim Cramer urges investors to exit crypto – ‘it’s never too late’

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Jim Cramer urges investors to exit crypto – 'it's never too late'

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 an awful posi­tion, and that’s what you have if you own these so-called dig­i­tal assets,” he said.

The col­lapse of FTX, the 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 get pum­meled by the Fed­er­al Reserve’s inter­est rate hikes.

Cramer, who has warned against stay­ing in spec­u­la­tive assets while the Fed con­tin­ues to tight­en the econ­o­my, reit­er­at­ed his argu­ment and said that investors should­n’t 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.

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, “There’s still a whole indus­try of cryp­to boost­ers try­ing des­per­ate­ly to keep all of these things up in the air — not too dif­fer­ent from what hap­pened with bad stocks dur­ing the dot­com collapse.”

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