Holders of ‘cult-assets,’ like crypto, put pressure on stocks

CNBC’s Jim Cramer said Wednesday that he was increasingly concerned as the lack of sellers of bitcoin and other crypto assets reached a “messianic” moment.

“Right now there are so many cult goods – Coinbase, cryptocurrencies, meme stocks, non-fungible tokens – that the true believers absolutely refuse to sell,” said the host of “Mad Money”. “They’re ditching everything else they own instead, and that’s putting real pressure on the rest of the market, and that’s not a good sign.”

The comments come after Wall Street welcomed the direct listing of Coinbase, the cryptocurrency exchange that rose more than 30% on its market debut.

Cramer, who is bullish on Coinbase, confirmed the company as the best game for mutual funds looking to gain exposure to digital currency.

However, the messianic trading that came to light through the support of Wall Street bets through stocks like GameStop is also bleeding into the crypto room, he said.

“There is a cohort in this market that seems to believe that it is a sin … to sell anything at all because you own stocks [or cryptocurrency] is a cause and selling means you are betraying that cause, “Cramer said.” I wonder if some of these followers are in mental quarantine, especially in their ability to ignore signs that maybe enough is enough. “

The comments come after a mixed day of trading on Wall Street.

The Dow Jones rose 53 points, or 0.15%, to close at 33,730.89. The S&P 500 and Nasdaq Composite both fell less than 1%.

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