Bitcoin Falls Below $57,000: There are three potential outcomes if Bitcoin falls below the $57,000 mark. To start, the 200 EMA is no longer a reliable support level; if the flagship cryptocurrency were to break below it, it would enter negative territory and the sell-off might get worse. Here are the top three news stories that U.Today has to offer.
If Bitcoin (BTC) drops below $57,000, these 3 things will happen
One should be prepared for many possibilities to adjust to the harsh reality, as Bitcoin has been recently plunging to new lows instead of conquering new highs. There are three potential outcomes if Bitcoin Falls Below the $57,000 mark. The 200-day exponential moving average (EMA) is no longer a reliable support level; a break below it would put the flagship cryptocurrency in negative territory, perhaps worsening the sell-off. Secondly, at what they see as a bargain price of about $56,000, many buyers may make a mad dash to buy Bitcoin.
Also Read: Why Bitcoin Could Fall To $52,000: Crypto Analyst
Nevertheless, additional liquidations might occur if Bitcoin fails to maintain this price point. As selling pressure increases, the Bitcoin price may find it harder to stabilize, leading to a faster decrease. Third, if there isn’t enough money in the market, some institutional sellers may have to stop. This might lead to a sideways market where Bitcoin trades between $60,000 and $70,000. While buyers and sellers wait for more favourable conditions. Bitcoin might fall to $50,000 if institutions keep selling, though.
Ethereum ETF approval may be imminent as VanEck steps up
It was revealed yesterday that VanEck has taken a significant step toward approval of their spot Ethereum ETF by filing Form 8-A with the SEC. This could be a sign that an Ethereum ETF is about to be approved. Considering VanEck’s comparable move was timed exactly seven days before the Bitcoin ETFs were approved.
This new information may also suggest that the regulatory body has given VanEck the go-ahead to apply. This is a “good sign,” says Bloomberg’s senior ETF analyst Eric Balchunas. Who also predicts that spot Bitcoin Falls Below could be approved no later than July 2nd. In the past, Nate Geraci has also hinted. Ethereum ETFs would be approved by the SEC before the United States Independence Day (the Fourth of July).
Ripple VP breaks silence over XRP Ledger’s Korean growth
Emi Yoshikawa, Ripple’s VP of corporate strategy and operations, recently expressed her enthusiasm for the XRP Ledger (XRPL)’s rising profile in South Korea in an X post. This surge in enthusiasm is all the more noteworthy given. An increasing number of companies are embracing digital assets and seeking dependable, enterprise-grade platforms to back their endeavours. As the only licensed provider of digital asset custody in Korea. The executive from Ripple highlighted the recent development of Infinite Block.
Just last month, it announced becoming a validator on the XRP Ledger network. Yoshikawa posted an X post from earlier this week in which Infinite Block stated its intention to comply with domestic rules to promote blockchain services and further expand custody services based on the XRP Ledger (XRPL). Infinite Block also intends to advise important XRPL projects and ecosystem builders on how to comply with regulations.
