Bitcoin Price Is Bullish Again - Visa Adds Support For USDC.
2021-03-29 | Big Bob
The price of the leading cryptocurrency Bitcoin [
BTC] is rising
within the wake of payments giant Visa revealed support for USD coin [USDC], a stablecoin whose value is pegged to the USD.
The biggest cryptocurrency by
market price is trading higher on the day, near $58k at the reporting time, with the daily chart showing a bullish breakout out from a two-week-long descending channel identified by trendlines linking to 14
th March and 20
th March highs and 16
th March and
25th March highs.
Prices have risen by nearly $2k since Reuters
reported earlier Monday Visa's decision
to permit the utilization of stablecoin USDC to settle transactions on its payment network.
USDC
is among the second-biggest stablecoin, with a
market capitalization of about $11 Bln, as per data source
CoinMarketCap.
In line with Reuters, by adding support for the stablecoin, Visa has stripped out
the necessity to convert the crypto assets into traditional money for settling transactions on its network.
The latest Visa news comes 5 days after Tesla's CEO Elon Musk
tweeted that
the electric maker would accept bitcoin as payment for its cars. Bitcoin jumped from $54,700 to over $56,000 after Tesla's outlined only to surrender gains amid heightened uncertainty
before Friday's monthly options expiry.
With
the options expiry now out of the way, bitcoin's price gains seen at the reporting time look sustainable
within the near term - especially with blockchain data indicating the market sentiment is bullish.
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