- Renowned CNBC presenter has commented on current market positions.
- Cryptocurrencies are at a point where their prices can fall at any time, generating large losses.
- Cramer considers that Tether is a stablecoin that does not generate great confidence in the market.
Renowned CNBC host Jim Cramer has spoken about altcoins. The presenter has recommended to crypto asset investors that they should immediately dump their positions before prices fall.
Cramer believes that investors still have time to release their positions and that they should not be fooled by the prices that the crypto asset market is generating.
“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 get if you own these so-called digital assets.”
Commented Cramer
One of the altcoins Cramer specifically mentions is XRP, the Cardano (ADA) smart contract platform, the Dogecoin (DOGE) memecoin, and the Polygon (MATIC) blockchain scaling solution, all could plunge in price even further, even all the way to zero.
The presenter was also very specific about Tether, the stablecoin that he is very wary of.
“Tether, a so-called stablecoin that is supposed to be more or less pegged to the dollar, still has a market capitalization of $65 billion… There is still a whole industry of cryptocurrency pushers desperately trying to keep all this stuff in the air – not unlike what happened with wrongdoing during the dotcom crash.”
added Cramer about Tether
Tether is trading at $1.00 at the time of writing, although it fell briefly to around $0.978 in early November, amid the collapse of crypto exchange FTX.
