Jim Cramer Advises To ‘Sell Your Crypto’ As Markets Rebound



CNBC’s Mad Money host Jim Cramer is back with his bearish crypto sentiment. This is not the first time he has told investors to sell, but the markets have taken a different tack.

On December 5, crypto bear Jim Cramer was telling investors, “It’s never too late to sell.” The comments come nearly a month after he suggested selling down following the FTX collapse:

“The truth is it is never too late to sell a terrible position, and if you have these so-called digital assets, you have them.”

Cramer has a history of suggesting that investors buy at the top and sell at the bottom.

IBC Group founder Mario Navafal, who recently interviewed Sam Bankman-Fried, said he is excited. Several prominent crypto traders echoed the sentiment:

Jim Cramer: Sell It Now!

On November 10, Cramer said, “This is your chance to get out of crypto.” The market had fallen to a new cycle low, with total capitalization falling to around $830 billion. Bitcoin price declined below $15,800, and the negative sentiment was ubiquitous.

Since then, bitcoin has recovered nearly 10% to reach $17,400 on 5 December. It has retraced modestly since then, but remains above $17,000 at press time.

Total capitalization increased by more than $70 billion, reaching more than $900 billion three weeks after the FTX collapse.

According to CNBC, Cramer expects major cryptos like Ripple’s XRP, Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC) to drop further to “possibly zero”.

He added:

“There is still a whole industry of crypto boosters desperately trying to keep all this stuff in the air – not too different from what happened with bad stocks during the dotcom collapse.”

Those who followed Cramer’s advice and sold Polygon (MATIC) on November 10 would have missed out on the 17% gains they have made since then.

Futures trading ‘Satoshi flipper’ said Jim Cramer was the worst kind of trader:

crypto market consolidated

There has been no epic collapse of the crypto asset, and the cycle bottom has been very similar to the 2018 cycle peak.

However, the markets have entered another consolidation phase, remaining range bound for the past three weeks.

In its weekly report, Glassnode said that the magnitude of financial losses has reduced in recent weeks following leverage flush-out.

According to CoinGecko, the total market capitalization currently stands at $889 billion. This equates to a 1.3% drop on the day.





Source link

Leave a Comment