May 22, 2024

XRP Lawyer John Deaton Lauds Crypto Stocks Rally In Pre-Market

In a crypto market landscape brimming with excitement, prominent XRP lawyer John Deaton has ignited a stir by sharing insights on a potential short squeeze, while lauding a rally in the crypto stocks. Deaton’s post, originally from Bit Paine on the X platform, highlights a staggering of around 19.6% short interest in MicroStrategy Incorporated (MSTR).

Meanwhile, emphasizing the prospects of a short squeeze amidst an ongoing rally, John Deaton adds an intriguing layer to the market dynamics as we step into the new year.

XRP Lawyer John Deaton Anticipates A Short Squeeze In The Crypto Space

The recent post of John E Deaton on the X platform reflects his anticipation of a short squeeze coinciding with the crypto rally kickstarting the new year. His brief statement, “Nothing like a good ole short squeeze on top of a rally to start the new year,” captures the essence of the potential market dynamics awaiting crypto enthusiasts.

Meanwhile, against this backdrop, the broader context of a crypto stock rally cannot be overlooked. As of January 2, 2024, pre-market trading sessions have seen a surge in notable crypto-related stocks. Companies like Coinbase (COIN), MicroStrategy Incorporated (MSTR), Robinhood Markets, Inc. (HOOD), and Riot Platforms, Inc. (RIOT) have experienced significant upticks, further fueling the excitement within the crypto investment community.

Notably, the recent rally and praise from XRP lawyer John Deaton seems to have fuelled the confidence of the investors, sparking a buzz in the crypto market.

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Crypto Stocks Surge Fuelling Market Hope

The crypto-related stocks witnessed substantial gains on Tuesday, January 2, suggesting a strong confidence of the investors towards the digital asset space. Meanwhile, the leading crypto exchange platform, Coinbase (COIN) stock witnessed a jump of 6.37% in the pre-market session and traded at $184.90 during writing.

Simultaneously, MicroStrategy Incorporated (MSTR) stock, known for its strategic Bitcoin holdings, has seen a notable jump of 9.24% and traded at $690.00 in pre-market trading. In addition, popular trading platform Robinhood Markets, Inc. (HOOD) stock noted gains of 2.75% to $13.09, while the Bitcoin mining and digital infrastructure firm Riot Platforms, Inc. (RIOT) stock witnessed a substantial price surge of 11.64% from its previous close and traded at $17.27.

The latest performance of the crypto stocks contributed to the overall positive sentiment in the digital asset space on Tuesday. Meanwhile, as of writing, the global crypto market cap advanced 12.30% to $1.76 trillion. Notably, the Bitcoin price traded over the $45,500 mark as of writing, with a price jump of around 7% in the last 24 hours.

As the crypto community navigates the early days of 2024, the convergence of a potential short squeeze and the crypto stock rally adds an extra layer of excitement. With XRP lawyer John Deaton’s insights stirring discussions, market participants keenly observe the unfolding dynamics, anticipating a dynamic start to the crypto year ahead.

Also Read: Solana Labs Co-Founder Addresses Community Concerns Over Ecosystem Security

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