Visa announced that its network will be made compatible with USD Coin (USDC). The payment company is working on the integration of USDC stablecoin as the settlement currency for transactions in its payment network.
The announcement was made on March 29th and is significant as crypto transactions are enabled through USDC. The feature is expected to be completed and operational by the end of this year.
USDC is a stable coin that is directly pegged to the US dollar at a 1: 1 ratio. According to Coinmarketcap, USD Coin ranks second among the stablecoins behind the Tether (USDT) with a Market capitalization of $ 10,561,481,540.
Visa announced that it has launched a pilot program with the payment and encryption platform Crypto.com and plans to offer USDC billing to additional partners later this year.
The purpose of Visa support is to remove the increasing need for conversion Cryptocurrencies in traditional currencies for online payment processing by offering stablecoins.
As large financial firms like JPMorgan and Square continues to invest in digital currencies, Bitcoin (BTC) has grown accordingly and exceeded USD 58,000 yesterday. At the time of writing, Bitcoin is trading at $ 57,294.
Bitcoin (BTC) price analysis
Source：BTC/USD Daily via TradingView
Bitcoin (BTC) successfully broke the resistance line of the descending Bitcoin channel on March 29 with a long green bullish candlestick. The cops are currently working hard to cement this breakthrough.
If the bulls try to keep the price above the 9-day moving average, the all-time high (ATH) of $ 61,782 can be retested.
The last three days of closing prices all rebounded quickly after hitting the 20-day exponential moving average (20-EMA) of $ 55,061, proving that the 20-EMA will be a critical support level.
The exponential moving average band began to rise, indicating that bulls are now dominating the entire market.
The Relative Strength Index (RSI) rose to 57.05 and passed the middle number of 50, which represents the bullish side of the oscillator.
When a large number of buy orders are triggered, BTC / USD tests the USD 60,000 psychological resistance barrier. If the bulls successfully break this resistance, the bulls will attempt to break their all-time high of $ 61,782. For now, however, the bulls are facing major challenges at this level as many investors who bought at a low price during the early decline and were trapped in the previous period will sell for a profit.
If BTC / USD breaks through and closes above $ 61,825.84, Bitcoin will begin a new round of uptrend that opens the door to $ 70,000.Conversely, the BTC / USD currency pair fell from this level but stayed above the 20-day moving average, indicating that market sentiment remains bullish as traders are still buying the dips.
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