Ethereum
Crypto News Digest by U.Today
Valeria Blokhina
Discover all the important news from the past day in the latest U.Today digest!
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Take a look at the top three news stories presented by U.Today.
If Bitcoin (BTC) Falls Below $57,000, These 3 Things Will Happen
Since instead of conquering new highs, Bitcoin has recently fallen to new lows, one must prepare for various scenarios in order to adapt to the harsh reality. If BTC breaks below the crucial $57,000 level, three possible outcomes could happen. First of all, the 200 EMA would no longer be valid as a support level; if the flagship crypto loses this support, it would enter bearish territory and could exacerbate the sell-off. Second, many buyers might rush to buy BTC at what they believe to be a low price around $56,000. However, if Bitcoin fails to maintain this price, there may be further liquidations. With increasing selling pressure, it could be harder for the BTC price to stabilize, accelerating the decline. Third, some institutional sales operations may cease due to a lack of liquidity. As buyers and sellers wait for more favorable conditions, this scenario could result in a sideways market, with Bitcoin trading between $55,000 and $60,000. However, if institutions continue to sell, Bitcoin could fall to $50,000.
Ethereum ETF approval could be imminent as VanEck ramps up efforts
As we learned yesterday, VanEck filed Form 8-A for its Ethereum spot ETF with the SEC, taking an important step toward approval. This move may herald the imminent approval of an ETF for Ethereum, as VanEck’s similar action coincided with the approval of Bitcoin ETFs exactly seven days later. Additionally, this development could indicate that VanEck has received approval from the regulatory agency to submit an application. According to senior ETF expert Bloomberg Eric Balchunasthe action is a “good sign” and approval of Ethereum spot ETFs could happen in the seven days leading up to July 2. Previously, Nate Geraci also suggested that the SEC could give approval to Ethereum ETFs before Independence Day (July 4) in the US
Ripple VP Breaks Silence on XRP Ledger’s Korean Growth
In a recent MessageEmi Yoshikawa, Vice President of Corporate Strategy and Operations at Ripple, shared her excitement regarding the growing momentum French from XRP Ledger (XRPL) in South Korea. This increase in interest is particularly notable as more companies are getting involved in digital assets and looking for reliable, enterprise-grade platforms to support their initiatives. The Ripple executive highlighted the recent development of Infinite Block, Korea’s only licensed digital asset custody provider. Last month, it announced that it would join the XRP Ledger blockchain as a validator. According to an . Additionally, Infinite Block plans to provide guidance for regulatory compliance for major XRPL initiatives and ecosystem builders.
About the Author
Valeria Blokhina
Valeria is the Community Manager at U.Today. She is passionate about crypto and believes that cryptocurrency is the future of finance. Currently, Valeria covers the latest news from the world of crypto and blockchain.