1 year ago
60
The post Pro-XRP Lawyer Discusses BTC ETF Filings and Forecasts Market Shifts appeared first on Coinpedia Fintech News
The past few days have been stagnant for the crypto industry. The market continues to stay flat and there have been no significant changes in the price of Bitcoin (BTC). This is uncommon for an industry like crypto which has always had drastic changes in prices and high overall volatility.
John Deaton, the founder of CryptoLaw and a well-known pro-XRP attorney, teased about what cryptocurrency traders might anticipate in the upcoming weeks and months in a lighthearted tweet. Here’s what he has to say.
John Deaton Cautions Crypto Market Volatility Amidst Positive Developments
John Deaton just offered his opinion on the state of the market in a tweet. Deaton reported earlier today that the crypto market is at a critical phase and advised investors to trade with caution to avoid getting caught off guard. He later acknowledged that he is not an expert in crypto market timing or a financial adviser.
I don’t know 
about timing the market. I have the receipts to prove it.
But I’m going to go out on a limb here. I have the feeling we’re about to experience a leg up or a leg down. Its also possible we trade sideways for a few more weeks. Not financial advice – literally.
Deaton has further explained that the market is likely to fluctuate for a few more weeks as a result of investors’ high bullish expectations fueled by a number of recent positive developments. These developments include the rise in institutional crypto adoption and BlackRock CEO’s latest stance on Bitcoin.
The pro-XRP lawyer has hinted that a significant rise or drop in the cryptocurrency market is likely, despite it being difficult to anticipate the market’s course in the future weeks or months.
Deaton Criticizes SEC’s Rejection of Spot Bitcoin ETFs
The above-mentioned predictions by Deaton come shortly after criticizing the Gary Gensler-led Securities and Exchange Commission (SEC) for rejecting several spot Bitcoin exchange-traded funds (ETFs) filings made by international asset managers while approving a Bitcoin Futures ETF.
Deaton claims that the SEC routinely rejects spot Bitcoin ETFs because they are difficult to manipulate. This comment was made in reaction to an update that revealed Grayscale, a leading investment manager, challenging the SEC’s regulatory techniques. Grayscale filed a statement to the District of Columbia Circuit on Monday “highlighting the disparity between the SEC’s approval of a leveraged bitcoin futures ETF while continuing to deny approval of spot bitcoin ETFs like GBTC.”
Asset Managers’ Push for Bitcoin ETFs Faces SEC Scrutiny
Several asset managers, including BlackRock, WisdomTree, Invesco, and Fidelity Investments, are eagerly seeking approval for their spot Bitcoin exchange-traded funds (ETFs). However, the Securities and Exchange Commission (SEC) has raised concerns about the inadequacies in the filings, which have delayed the approval process.
Despite this, former SEC Chairman Jay Clayton has acknowledged the challenge of resisting the approval of a spot Bitcoin ETF, highlighting the growing demand and potential benefits associated with such investment vehicles.
English (US) ·