Bitcoin
$44,680.76+3.16%
Ethereum
$3,152.52+3.56%
XRP
$0.991452-0.48%
Cardano
$2.26+1.12%
Polkadot
$32.79+3.95%
Stellar
$0.299647+2.90%
Dogecoin
$0.223986+0.04%
Chainlink
$25.41+5.07%
Uniswap
$21.44+0.66%
Algorand
$1.00+8.62%
Polygon
$1.22+1.91%
Cosmos
$42.02+10.00%
Litecoin
$162.87+1.26%
Bitcoin Cash
$550.96+1.53%
Wrapped Bitcoin
$44,668.30+3.35%
Filecoin
$74.26+0.39%
The Graph
$0.728066-0.15%
Tron
$0.098614+1.13%
Ethereum Classic
$51.16+0.81%
Tezos
$6.32+15.30%
Aave
$307.93+3.76%
Monero
$248.69+2.25%
NEO
$43.49+2.60%
EOS
$4.34+1.54%
IOTA
$1.39+3.07%
BitTorrent
$0.003508+0.46%
Bitcoin SV
$145.02-0.67%
Waves
$24.87+1.27%
Maker
$2,470.49-1.27%
Dash
$182.92+5.02%
Decentraland
$0.773964+8.29%
Decred
$120.33+3.22%
ICON
$1.69+3.23%
NEM
$0.161283+3.22%
Zcash
$122.19+1.38%
OmiseGO
$9.78+4.88%
NuCypher
$0.295416+2.75%
Paxos Standard
$1.00+0.01%
Yearn Finance
$31,047.47+2.73%
Qtum
$10.80+1.01%
Bitcoin Gold
$56.40+1.19%
Basic Attention Token
$0.705000+3.24%
0x
$0.978335+2.86%
Fetch.ai
$0.835346+15.24%
Ren
$0.874415+7.87%
Bancor
$3.69+3.16%
Kava.io
$5.87+7.05%
Siacoin
$0.016465+3.08%
Band Protocol
$7.96+4.01%
Nano
$5.14+4.54%
Loopring
$0.410360+1.11%
Civic
$0.519965+24.39%
Storj
$1.18+4.13%
Numeraire
$42.72+2.56%
Lisk
$3.09+0.96%
Orchid
$0.349089+0.70%
PAX Gold
$1,751.57-1.47%
Enzyme
$144.43-6.18%
Augur
$22.91+5.39%
Aragon
$5.18+1.31%
district0x
$0.161314+4.15%
Kyber Network
$1.57+2.81%
SingularDTV
$0.001375+2.58%
Tether
$1.00+0.00%
USD Coin
$0.999934+0.03%
Dai
$1.00-0.00%

Bitcoin Breaks Out, Near $58K, After Visa Adds Support for Stablecoin USDC

Bitcoin picks up a bid as payments giant Visa adds support for USDC – the second-biggest stablecoin.

Mar 29, 2021 at 10:40 a.m. UTC
Updated Sep 14, 2021 at 12:33 p.m. UTC

Bitcoin (BTC) is rising in the wake of payments giant Visa announcing support for USD coin (USDC), a stablecoin whose value is pegged to the U.S. dollar.

  • The biggest cryptocurrency by market value is trading higher on the day, near $58,000 at press time, with the daily chart showing a bullish breakout out from a two-week-long descending channel identified by trendlines connecting March 14 and March 20 highs and March 16 and March 25 highs.
  • Prices have risen by nearly $2,000 since Reuters reported earlier Monday Visa's decision to allow the use of stablecoin USDC to settle transactions on its payment network.
  • USDC is the second-biggest stablecoin, with a market capitalization of about $11 billion, as per data source CoinGecko.
  • According to Reuters, by adding support for the stablecoin, Visa has stripped out the need to convert the cryptocurrencies into traditional money for settling transactions on its network.
  • The latest Visa news comes five 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 above $56,000 after Tesla's announcement only to surrender gains amid heightened uncertainty ahead of Friday's monthly options expiry.
  • With the options expiry now out of the way, bitcoin's price gains seen at press time look sustainable in the near term – especially with blockchain data indicating the market sentiment is bullish.

Bitcoin's daily chart

  • With the channel resistance flipped into support, the focus is now on the psychological level of $60,000.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

Loading...