News
Crypto News Digest by U.Today By U.Today
U.Today – Check out the top three stories brought to you by U.Today.
If (BTC) drops below $57,000, these 3 things will happen
Since instead of conquering new highs, Bitcoin has recently dropped to new lows, one must be ready for various scenarios to adapt to the harsh reality. If BTC were to fall below the crucial $57,000 level, three possible outcomes could occur. First, the 200 EMA would no longer be a valid support level; if the flagship cryptocurrency lost this support, it would enter bearish territory and could exacerbate the sell-off. Secondly, many buyers may rush to purchase BTC at what they believe to be a low price, around $56,000. However, if Bitcoin is unable to maintain this price level, further liquidations could occur. As selling pressure increases, it may be harder for BTC price to stabilize, which would accelerate the decline. Third, some institutional sales operations may cease due to insufficient liquidity. As buyers and sellers await 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 drop to as low as $50,000.
ETF approval could be imminent with VanEck’s intervention
As noted yesterday, VanEck filed Form 8-A for its Ethereum spot ETF with the SEC, taking an important step towards its approval. This move could portend the imminent approval of an Ethereum ETF, as VanEck’s similar action coincided exactly seven days with the approval of Bitcoin ETFs. Additionally, this development may indicate that VanEck has received approval from the regulatory agency to submit an application. According to Bloomberg senior ETF expert Eric Balchunas, the action is a “good sign” and approval for Ethereum spot ETFs could happen within seven days before July 2. Previously, Nate Geraci had also suggested that the SEC may give approval to Ethereum ETFs ahead of Independence Day (July 4) in the US
Vice President Breaks Silence on XRP Ledger’s Korean Growth
In a recent post on they are becoming interested in digital assets and are 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 he announced that he would join the XRP Ledger blockchain as a validator. According to an Additionally, Infinite Block plans to provide regulatory compliance consulting for major XRPL initiatives and ecosystem builders.