Jim Cramer told investors on Monday that they still have time to exit their holdings of criptocurrencies.
What happened to you: You can't beat yourself up and say, hey, it's too late to sell. According to a report by CNBC, it's never too late to sell an awful position, and that's what you have if you own these so-called digital assets.
Cramer said that investors shouldn't be fooled by some coins inflated market capitalization and that more marginal names like Ripple XRP USD, Doge coin DOGE USD, Cardano ADA USD and Polygon MATIC USD are expected to fall much further, possibly to zero.
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Cramer said that the stable coin is supposed to be kinda-sorta pegged to the dollar, but it still has a $65 billion market cap. There is still a whole industry of cripto-blockers trying to keep all of these things up in the air - not too different from what happened with bad stocks during the dot-com collapse, he said.
Price Action: Major cryptocurrencies likeBTCUSD andEthereum ETHUSD were trading marginally higher on Tuesday after concerns regarding the Federal Reserve s rate hike path following a better than expected non-manufacturing PMI data.
Cramer noted that investors shouldn't exit the market over recession fears because of Federal Reserve Chair Jerome Powell's inflation remarks last week. He said that unless the super hawkish Fed heads who want to raise short rates to 5% to 7% are silenced, we must be ready for a quarter of a foot out the door.
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