Prominent XRP Lawyer John Deaton Anticipates a Short Squeeze in the Crypto Market
With the crypto market buzzing with excitement, well-known XRP lawyer John Deaton has sparked interest by sharing his insights on a potential short squeeze and praising the rally in crypto stocks. Deaton draws attention to the staggering 19.6% short interest in MicroStrategy Incorporated (MSTR), adding an intriguing element to the current market dynamics as we enter the new year.
XRP Lawyer John Deaton’s Expectations
In a recent post on the X platform, John Deaton expresses his anticipation of a short squeeze coinciding with the crypto rally at the beginning of the year. He states, “Nothing like a good ole short squeeze on top of a rally to start the new year,” capturing the essence of what crypto enthusiasts can expect in terms of market dynamics.
Crypto Stocks Surge, Boosting Market Confidence
On January 2, 2024, notable crypto-related stocks experienced significant gains during pre-market trading sessions, reflecting investors’ strong confidence in the digital asset space. Coinbase (COIN) stock rose by 6.37%, reaching $184.90. MicroStrategy Incorporated (MSTR), known for its strategic Bitcoin holdings, saw a notable increase of 9.24%, trading at $690.00 in pre-market trading.
Robinhood Markets, Inc. (HOOD) stock gained 2.75% and reached $13.09, while Riot Platforms, Inc. (RIOT), a Bitcoin mining and digital infrastructure firm, surged by 11.64% from its previous close and traded at $17.27.
The Impact on Crypto Market Sentiment
The recent performance of crypto stocks has contributed to a positive sentiment in the digital asset space. As of writing, the global crypto market cap has increased by 12.30% to $1.76 trillion. Bitcoin’s price has surpassed $45,500 with a 7% jump in the last 24 hours.
Hot Take: Exciting Prospects for the Crypto Year Ahead
With XRP lawyer John Deaton’s insights fueling discussions and the convergence of a potential short squeeze and the crypto stock rally, the crypto community eagerly awaits an eventful start to the year. Market participants are closely observing these unfolding dynamics, anticipating an exciting year ahead in the world of cryptocurrencies.
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