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 14th March and 20th March highs and 16th 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.