Tuesday, January 31, 2023
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HomeNewsBusinessGood Opportunity to Leave Crypto, Says Jim Cramer

Good Opportunity to Leave Crypto, Says Jim Cramer

Although there is still a strong bullish attitude in the digital currency ecosystem, Jim Cramer, a well-known market analyst, has recommended investors to sell their assets right away. Cramer declared on his Twitter account that Chinese stocks and cryptocurrencies are not to be trusted.

In the past few months, Jim Cramer, who formerly supported cryptocurrencies, particularly Ethereum, has changed his mind and joined the rising chorus of detractors of the emerging asset class. The newest demand for cryptocurrency holders to sell off their holdings demonstrates Cramer’s drive to wean more people off their bitcoin thirst. Toward the close of last year and into this new year, Cramer maintained his pessimistic projections for digital currencies.

The total market capitalization of all cryptocurrencies increased by 3.55% to $853.94 billion, benefiting from Bitcoin’s (BTC) 2% gain to keep its price over $17,000. There is a decent opportunity for short-term investors to exit their holdings at a reasonable profit given that almost all of the altcoins in the top 100 by market size have had strong increase over the past 24 hours.

HODLers may continue to be adamant

Today, many people who invest in cryptocurrencies made their first purchases months or even years ago. Using Bitcoin as an example, it must have been purchased by a large number of people before the price fell below the psychologically significant $20,000 mark. Many buyers are encouraged to HODL their coins, which means to maintain holding until the prices recover to advantageous levels, as a mantra to stay in and reap the benefits. Given that Bitcoin has dropped more than 58% in the last year, it’s likely that few buyers will take Cramer’s advice to sell now.

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  • Good Opportunity to Leave Crypto, Says Jim Cramer
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