Ethereum
Crypto News Digest by U.Today By U.Today
U.Today – Take a look at the top three news stories presented by U.Today.
If (BTC) Falls Below $57,000, These 3 Things Will Happen
Given that 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 occur. First of all, the 200 EMA would no longer be valid as a support level; if the flagship cryptocurrency 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 is unable to maintain this price mark, there could be more liquidations. With the selling pressure increasing, it could be harder for the BTC price to stabilize, accelerating the decline. Third, some institutional sales operations could cease due to insufficient 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 as low as $50,000.
ETF approval could be imminent as VanEck steps up efforts
As reported yesterday, VanEck has filed Form 8-A for its Ethereum spot ETF with the SEC, taking a major step toward approval. This move may hint at imminent approval of an Ethereum ETF, as VanEck’s similar action coincided with the approval of Bitcoin ETFs exactly seven days later. Furthermore, this development could indicate that VanEck has received approval from the regulatory agency to submit an application. According to Eric Balchunas, senior ETF expert at Bloomberg, this action is a “good sign” and approval of the Ethereum spot ETFs could come within seven days of July 2. Previously, Nate Geraci also suggested that the SEC could give its approval to the Ethereum ETFs before Independence Day (July 4) in the United States.
Vice President Breaks Silence on Korean XRP Ledger Growth
In a recent article published on X, Emi Yoshikawa, VP of Corporate Strategy and Operations at Ripple, expressed her excitement about the growing momentum of XRP Ledger (XRPL) in South Korea. This surge in interest is particularly notable as more businesses are getting involved 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, the only licensed digital asset custody provider in Korea. Last month, it announced that it would be joining the XRP Ledger blockchain as a validator. According to an article published on X by Yoshikawa, earlier this week, Infinite Block announced that it will further expand XRP Ledger (XRPL)-based custody services and continue to expand blockchain services through compliance with national regulations. Additionally, Infinite Block plans to provide regulatory compliance guidance to leading XRPL initiatives and ecosystem builders.