CNBC’s Jim Cramer said Thursday that the sharp decline in the cryptocurrency market shows that the Federal Reserve is making progress in its uphill struggle to contain inflation.
“There is one front in the war on inflation that has been an excellent total win for the Fed, and that is the fight against financial speculation,” he said.
“With the elimination of cryptocurrencies, the Fed is almost done, but they don’t know it yet. …,” he added.
,mad Money“host’s comments come later BitcoinThe world’s largest cryptocurrency, ended Its Worst Month on Record, The currency lost more than 38% in June, while Ether, the second-largest cryptocurrency by market capitalization, lost nearly 47% of its value.
Major companies in the market face solvency crisis, layoff and exodus of investors who sold their holdings. While some bitcoin proponents are hopeful that the market will recover, others are skeptical.
“I know unhappy stock owners love the company, but this crypto decline is the mother of all misery and I think it is a fitting coda for a horrific quarter,” Cramer said.
He said that despite the Fed’s progress in reducing financial speculation, it still needs to control wage inflation and raise the unemployment rate to win the fight against inflation.
“The stock market now reflects a lot of bad news…” he said.