Visa has announced that the USD Coin will be compatible with its network (USDC). The payments firm is working on incorporating the USDC stablecoin as a settlement currency for its payment network.
The announcement, which was made on March 29, is notable because it means that crypto transactions will be possible through USDC. By the end of the year, the feature should be complete and operational.
USDC is a 1:1 stablecoin that is explicitly pegged to the US dollar. USD Coin is ranked second among stablecoins, behind Tether (USDT), with a market cap of $10,561,481,540, according to Coinmarketcap.
Visa announced that it has begun a pilot program with Crypto.com, payment and encryption network and that the USDC settlement will be available to more partners later this year.
By offering stablecoins, Visa hopes to remove the growing need to turn cryptocurrencies into conventional currencies for online payment settlement.
Bitcoin (BTC) has risen in value as large financial institutions such as JPMorgan and Square continue to invest in digital currencies, reaching a high of $58K yesterday. Bitcoin is reportedly worth $57,294 at the time of publishing.
Analysis of the Bitcoin (BTC) price
With a long green bullish candlestick, Bitcoin (BTC) successfully broke through the resistance line of Bitcoin’s descending channel on March 29. The bulls are currently working hard to maintain their lead.
It would be possible to retest the all-time high (ATH) of $61,782 if the bulls can keep the stock above the 9-day Moving Average.
After reaching the 20-day Exponential Moving Average (20-EMA) of $55,061, the closing prices of the previous three days all quickly rebounded, indicating that the 20-EMA would be a crucial support stage.
Moving at an exponential rate The average ribbon began to grow, showing that the bulls have taken control of the entire economy.
The Relative Strength Index (RSI) increased to 57.05, above the median number of 50, which suggests the oscillator’s bullish hand.
BTC/USD will challenge the $60K psychological barrier of resistance if a large number of buy orders are activated. If the bulls succeed in breaking through this resistance, they will attempt to smash through the $61,782 all-time high. However, the bulls may face significant challenges at this stage for the time being, as many investors who purchased at a low price during the early downturn and were stuck in the previous era would sell for profit.
If BTC/USD breaks through and closes beyond $61,825.84, Bitcoin will enter a new round of uptrend momentum, potentially leading to $70K.
The BTC/USD currency pair, on the other hand, dropped from this level but stayed above the 20-day moving average, suggesting that market sentiment remains bullish as traders continue to buy the dips.