The host of CNBC’s Mad Money show – Jim Cramer – said cryptocurrency investors still have time to sell their “awful” positions.
His previous advice has often been inaccurate, prompting numerous participants to anticipate a market surge after the latest comments.
During his most recent show, Mad Money’s host urged investors to cash out their cryptocurrency at all costs. He thinks “it’s never too late” to exit the market, hinting the crypto winter is nowhere near its end:
“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.”
Cramer believes the most speculative cryptocurrencies that could possibly crash to virtually zero are Ripple (XRP), Dogecoin (DOGE), Cardano (ADA), and Polygon (MATIC).
Most digital currencies have lost a significant chunk of their valuation, with bitcoin being down nearly 65% since the beginning of 2022. In addition, investors’ interest has significantly dropped, while multiple companies experiencing liquidity issues. Former giants in the field, including FTX, BlockFi, Three Arrows Capital, and Celsius, even filed for bankruptcy.
However, the market has been through other “winters” in the past, and many digital currencies endured the turbulence, including bitcoin.
Subsequently, Cramer argued that the industry is full of “boosters” who try desperately to inflate the market with considerable financial efforts, giving an example is Tether, the company issuing USDT.
“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.”
Cramer joined the pro-bitcoin team in 2020 again, praising the coin’s maximum supply of 21 million as a significant advantage over the traditional financial system and fiat currencies. He compared BTC to gold at the end of 2020 and even purchased some amounts of the asset when it was trading at around $17,500.
As bitcoin was heading north, so was Cramer’s support toward it. He even requested his salary to be paid in BTC instead of fiat currency in April 2021. The recent market crash, though, has changed his vision entirely, and he has returned as a crypto critic.
Many of his crypto predictions have been proven wrong. In September 2021, he advised investors to cash out their holdings, saying the Evergrande debt crisis in China could trigger a market crash. Bitcoin skyrocketed to an all-time high of nearly $69,000 two months later.
He also opined in January 2022 that the correction from BTC and ETH could be over, meaning investors should reconsider entering the market. Contrary to that forecast, the leading cryptocurrencies continued their downfall and are currently trading at $17,000 and $1,250, respectively, down from $47,000 and $3,700 from the beginning of the year.
RTFKT revealed details of what can be expected from the new product launch, including a ‘walk-to-earn’ mechanic, utility via authenticity, app connectivity, and more.
However, the thread closes with a keynote that the product will only be shipped to users in the U.S. They noted: “Due to advanced technology and product regulation, products can ONLY be shipped to the US.”
Nike is the industry leader in the sneaker game market and has continued to invest in its infrastructure, emerging technology and web3-related fields.
The major drawback regarding its introduction has far less to do with price and much more to do with accessibility since Nike has only allowed U.S.-based addresses to fulfill orders for its web3 sneakers.
The lack of clarity and foresight in not sharing this pertinent detail until after outside U.S. money has been contributed to the project has led to an abundance of criticism around another brand with web3 visions and web2 execution. The MONOLITH price dropped substantially, recording averages north of 1.5ETH in recent days and recording sales for less than 0.5 ETH today.
Among companies who have entered the NFT industry with a longer time perspective, Nike’s acquisition of RTFKT last year has primarily functioned as the most successful case study from a traditional brand using an NFT platform.
The transaction happened a year ago in the thick of the NFT bull market’s mania. After the acquisition, the company last month also released its specific web3 platform, Swoosh, demonstrating an ongoing commitment to playing in the web3 sandbox.
Coca-Cola and Crypto.com have teamed up to launch an NFT collection inspired by the Qatar 2022 FIFA World Cup. The collection, created in collaboration with digital artist GMUNK, is based on “heat maps” that visually represent the movements and highlights of the tournament’s players. GMUNK has created 10,000 NFTs based on these heat maps, which will be available to fans on the Crypto.com NFT platform from May 1 to July 31, 2022.
Tweets posted by tech blogger Jane Manchun Wong suggest that Twitter may be about to launch its own cryptocurrency. In one now-deleted tweet still available on Google’s cache, we can see an icon portraying a coin with Twitter’s logo with filename “IconTwitterCoin.svg.”
The code is part of Twitter’s updated web application dedicated to tipping on the platform. Wong explained that there are no indications “as to what “twitter tips” and “twitter coin” are, with nothing indicating any relation to Dogecoin (DOGE).
Dogecoin was long rumored to be headed towards a Twitter integration ever since talks about Elon Musk’s acquisition of the platform started circulating. The tech tycoon himself suggested that the coin may become internet’s native currency and used to describe himself “Dogecoin CEO” on Twitter.
Despite no indication that Dogecoin is actually being integrated into Twitter, the coin sharply rallied earlier today only to sharply fall shortly thereafter. The price increased by 6.45% from $0.1039 to a high of $0.1106 within minutes only to fall down to $0.1062 shortly afterwards.
Twitter’s tipping feature has not rolled out yet, and we may not learn much more about it until it is released. The “Twitter Coin” is be a part of it that appears to be currently planned but may never actually see the light of day.
Wong’s Twitter profile is no longer available. According to a post she published on Macaw — an open source Twitter alternative powered by Mastodon — she decided to deactivate her account by herself. She wrote:
“Since the takeover, I’ve been getting an increased amount of casual racism and sexual harassments on the bird site.”
Earlier yesterday, the Ankr centralized exchange discovered malicious activity, leading them to halt some operations temporarily. However, before they could apply prompt security measures, they had already incurred a loss of $5 million in BNB.
After several hours of investigation, the Ankr security team eventually fished out the root cause of the attack. According to them, the attacker maneuvered to access the developer’s private key. He then used it to attack the platform’s aBNBc smart contract via a bug in its code.
The world's largest crypto briefly rose above $70,000 Friday, but immediately tumbled about 5% to below $67,000 It's deja vu all ove...
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/W3R54NYJCNDPZJYRR56ZGFFBWY.jpg)
