In a recent development, John Deaton, the founder of CryptoLaw and a prominent lawyer advocating for XRP holders in the Ripple-SEC lawsuit, has shared his insights on the current state of the crypto market. While acknowledging that he is not an expert in market timing or financial advice, Deaton has cautioned crypto traders to exercise caution as the market appears to be in a critical stage.
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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.
— John E Deaton (@JohnEDeaton1) July 11, 2023
Deaton hints at the uncertainty of the Market’s trajectory In the crypto market.
Deaton suggested that the crypto market is likely to continue ranging for a few more weeks, despite investors’ optimistic outlook due to positive developments such as increased institutional crypto adoption and supportive statements from influential figures like the CEO of BlackRock regarding Bitcoin. He humorously alluded to the market trading sideways for some time, implying the difficulty of accurately predicting its direction shortly. Deaton went on to playfully tease his followers by stating that a significant rally or decline could be imminent, further hinting at the uncertainty of the market’s trajectory.
I’m pretty sure one of the things I said above will happen 😂
— John E Deaton (@JohnEDeaton1) July 11, 2023
While these statements were made with a touch of humour, they reflect Deaton’s projection of all possible outcomes, emphasizing the unpredictability of the crypto market. He later clarified that one of the three outcomes he mentioned would indeed materialize. These perceptions from Deaton followed his recent criticism of the Securities and Exchange Commission (SEC), led by Gary Gensler, regarding its handling of Bitcoin exchange-traded fund (ETF) filings.
Deaton expresses his dissatisfaction with the SEC’s rejection of the Bitcoin ETFs
Deaton expressed his dissatisfaction with the SEC’s repeated rejection of spot Bitcoin ETFs submitted by global asset managers while approving a Bitcoin Futures ETF. He argued that the SEC’s consistent denial of spot Bitcoin ETFs is based on the belief that they are less susceptible to market manipulation. This response came in light of Grayscale, a prominent investment manager, questioning the regulatory approach of the SEC.
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On Monday, Grayscale filed a letter with the District of Columbia Circuit, highlighting the disparity between the SEC’s approval of a leveraged bitcoin futures ETF and its continued denial of spot bitcoin ETFs like Grayscale Bitcoin Trust (GBTC).
I was wondering whether @Grayscale was going to do this. The @SECGov and @GaryGensler have approved a #Bitcoin Futures ETF, a #BTC Short ETF and a #BTC Leveraged ETF but denies a #BTC Spot ETF because it can be manipulated. Genlser is a bad faith regulator. Period. https://t.co/sQ9tO3HYG6
— John E Deaton (@JohnEDeaton1) July 10, 2023
As the crypto market remains in a state of flux, with Bitcoin displaying limited price movements, Deaton’s remarks serve as a reminder to investors to exercise caution and remain prepared for potential shifts. While his comments were laced with humor, they shed light on the uncertain nature of the market and the ongoing regulatory discussions surrounding cryptocurrency ETFs.
Disclaimer: The information provided here is for informational purposes only and should not be considered financial or investment advice. Cryptocurrency investments are subject to market risks, and readers should do their research before making any investment decisions.
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