Crypto Lawyer John Deaton Evaluates the Current State of Bitcoin and the Possibility of ETF Approval - COINTURK NEWS
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Crypto Lawyer John Deaton Evaluates the Current State of Bitcoin and the Possibility of ETF Approval

2:41 pm (41 days ago)
October 26, 2023

Crypto investors are divided into different communities, and the XRP Coin community is quite large. Among this crowd, certain individuals stand out. Especially due to the ongoing lawsuits for nearly three years, we should prioritize lawyers. Attorney John Deaton, who supports XRP Coin, is closely followed.

Bitcoin Price Analysis

XRP-supporting lawyer John Deaton recently commented on the current situation from his social media account as volatility increases. The massive surge in the king cryptocurrency has divided investors into two groups: those who hold and those who sell. Short-term profits that seem satisfying can quickly turn into disappointment with a sharp decline. But what if the real rally has just begun and the rallies will disappoint sellers?

In the past 7 days, the price of BTC has increased by 23%. However, John Deaton expressed doubts about the continuation of this rally.

“Okay, I have to admit that it makes me hesitant when everyone says that the bull market is back. Buying is an easy decision, but selling is a much harder one. If we are losing, we do not want to admit that we made a mistake, so we don’t sell.”

Will the Crypto Rally Continue?

Pavel Matveev, the CEO of Wirex, reminds us how critical the current period is. He stated that the expectation of approval regarding the SEC’s review of the conversion of GBTC to an ETF feeds hope. Moreover, he emphasized the demand that the ETF would generate for Bitcoin as a product.

“A Bitcoin ETF can make it much easier for daily investors to invest in Bitcoin. They won’t have to worry about buying and storing cryptocurrencies directly. Large institutional investors can see the approval of a Bitcoin ETF as a sign that the crypto market has become more legitimate.”

Here comes the most crucial point: if the ETF is approved, adding a spot Bitcoin ETF to company balance sheets becomes much easier, and more importantly, it becomes legitimate. There are companies with billions of dollars that can cause massive price fluctuations by buying BTC ETFs with only 0.01% of their balance sheets.

“This decision can affect the price and operation of the Bitcoin market. It can attract more people to become interested in and involved with cryptocurrencies.”

Ali Martinez also states that the price of BTC could further increase as short-term investors have already passed the profit zone.

Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and associated risks of cryptocurrencies and should conduct their own research before making any transactions.

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