If Bitcoin Plunges Below $57,000, Here Are 3 Possible Outcomes, Ethereum ETF Approval May Be Imminent as VanEck Steps in: Crypto News Digest by U.Today

U.Today - Take a look at the top three news stories brought to you by U.Today.

If Bitcoin (BTC) drops below $57,000, these 3 things will happen

Since instead of conquering new highs, Bitcoin has been recently dropping to new lows, one should be ready 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, 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 might exacerbate the sell-off. Second, 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 keep this price mark, there may be more liquidations. With rising selling pressure, it may be more difficult for the BTC price to stabilize, which would accelerate the decline. Third, some institutional selling 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 might drop to as low as $50,000.

Ethereum ETF approval may be imminent as VanEck steps up

As became known yesterday, VanEck has filed Form 8-A for its spot Ethereum ETF with the SEC, taking a major step toward its approval. This move may portend the impending approval of an ETF for Ethereum, as VanEck's similar action coincided with the approval of the Bitcoin ETFs by exactly seven days. Additionally, this development might 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 of spot Ethereum ETFs could happen within seven days before July 2. Previously, Nate Geraci also suggested that the SEC could give approval to Ethereum ETFs before Independence Day (Fourth of July) in the U.S.

Ripple VP breaks silence over XRP Ledger's Korean growth

In a recent X post, Emi Yoshikawa, VP of Corporate Strategy & Operations at Ripple, shared her excitement regarding the growing momentum of XRP Ledger (XRPL) in South Korea. This increase in interest is especially remarkable as more businesses are becoming involved in digital assets and are looking for reliable, enterprise-grade platforms to support their initiatives. The Ripple executive emphasized the recent development of Infinite Block, Korea's sole licensed digital asset custody provider. Last month, it announced that it would be joining the XRP Ledger blockchain as a validator. Per an X post shared by Yoshikawa, at the beginning of the week, Infinite Block announced that it would further expand XRP Ledger (XRPL)-based custody services and pursue the expansion of blockchain services through compliance with domestic regulations. Also, Infinite Block plans to provide consulting for the regulatory compliance of key XRPL initiatives and ecosystem builders.

This article was originally published on U.Today