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If (BTC) falls below $57,000, these 3 things will happen
Since instead of conquering new highs, Bitcoin has been falling to new lows recently, it is wise to be prepared for various scenarios to adapt to the harsh reality. If BTC falls below the crucial $57,000 level, three possible outcomes could occur. First, 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 may rush to buy BTC at what they believe to be a low price, around $56,000. However, if Bitcoin is unable to hold this price, there may be further liquidations. With increasing selling pressure, it may become more difficult to stabilize the BTC price, which would accelerate the decline. Third, some institutional selling operations may cease due to insufficient liquidity. While 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 selling, Bitcoin could fall to $50,000.
ETF approval may be imminent as VanEck moves forward
As learned yesterday, VanEck filed Form 8-A for its Ethereum spot ETF with the SEC, taking an important step towards its approval. This move may foreshadow the imminent approval of an ETF for Ethereum, as a similar action by VanEck coincided with the approval of Bitcoin ETFs exactly seven days. Additionally, this development could indicate that VanEck received approval from the regulatory agency to file an application. According to Bloomberg Senior ETF Expert Eric Balchunas, the move is a “good sign” and approval of Ethereum spot ETFs could occur within seven days of July 2. Previously, Nate Geraci also suggested that the SEC could approve Ethereum ETFs before Independence. Day (July 4) in the USA
VP breaks silence on Korean XRP Ledger growth
In a recent X post, Emi Yoshikawa, vice president of corporate strategy and operations at Ripple, shared her excitement about the growing momentum of the This increase in interest is especially notable as more companies get involved in digital assets and seek reliable, enterprise-grade platforms to support their initiatives. The Ripple executive emphasized the recent development of Infinite Block, Korea's only licensed digital asset custody provider. Last month, he announced that he would be joining the XRP Ledger blockchain as a validator. According to an X post shared by Yoshikawa, earlier in the week, Infinite Block announced that it would further expand custody services based on the Additionally, Infinite Block plans to provide regulatory compliance consulting for key XRPL initiatives and ecosystem builders.
This article was originally published on U.Today.
