30.03.202113:34 Forex Analysis & Reviews: Bitcoin skyrockets because of Visa

Bitcoin jumped by more than 5% yesterday after Visa announced that it can now support cryptocurrency transactions. To be more specific, price hit nine-day highs and reached $ 58,500.

As mentioned above, the main reason for the strong price increase is Visa directly interacting with stablecoins. It is also open to transactions in cryptocurrency, thereby gaining the title of being one of the first payment giants to approve the settlement of USD-cryptocurrency transactions on the Ethereum blockchain. Before this, Visa only worked with fiat money.

And, in the very near future, Visa, together with Crypto.com, will launch a pilot program and increase its partners. Anchorage will become the company's settlement agent for work in the new direction.

Of course, this step is very important to Visa, not to mention a colossal support to the virtual money market. Representatives have noted that they are working hard to make cryptocurrencies a safer and more easily applicable means of payment.

Visa CEO Alfred Kelly also said that in the next five years, stablecoins will undoubtedly become a new payment mechanism in emerging markets.

Another reason to support cryptocurrencies is the policy of the new US administration, which generates more and more incentives to help maintain the current trend in the global market. Although its relation is very small, the digital currency market is still part of this, so loud crashes and depressions must be avoided.

Unfortunately, positive shifts in the value of cryptocurrencies reduce trading volumes. Hence, after reaching a local low of $ 51,000, trading volume sank by 44%.