Cardano (ADA) bull Dan Gambardello has a positive disposition as he encouraged his more than 243,200 followers on the X app in the wake of the massive slump on the broader digital currency ecosystem. As gleaned from Gambardello's position, there is a need to focus more on the long-term prospects of the crypto market than what is currently being experienced.
Despite the more than $1 billion liquidation the market has experienced in the past 24 hours, per data from CoinGlass, Dan noted that the market is even more bullish than it is bearish at the moment.
Justifying his position, Gambardello drew reference on the current situation between the nascent industry and the United States Securities and Exchange Commission (SEC). The markets regulator has been cracking down on top players in the ecosystem, and from the layman's perspective, these firms might win most of their cases against the regulator in the long run.
Additionally, the potential for the first spot Bitcoin Exchange Traded Fund (ETF) approval is high, considering the fact that the market regulator has approved Bitcoin Futures ETF, and top investment managers like BlackRock are now heavily invested in getting such products approved in the U.S.
Future is bright
Over the course of the past few weeks, there has been a widely divergent update from the SEC as concerns crypto ETF products.
Meanwhile, the regulator said it has postponed all decisions regarding spot Bitcoin ETFs to next year. However, the SEC hinted at the possibility of approving the country's first Ethereum Futures ETF as early as October. The positivity in the hope that the Bitcoin ETF will make its debut on U.S. accounts is a major reason to be excited.
Drawing on this, Gambardello noted that all stakeholders in the industry "have to do is zoom out to understand the bigger picture clearly."
About the author
Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on Blockchain.news, Cryptonews and Coingape, among others.
Cardano Catalyst Project - Discover and Vote for our proposals in Fund 10 by Sep 14th, 2023 11:00 UTC
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