Visa Supports the Cryptocurrency Market
Bitcoin (BTC) strengthened to the level of $ 57600. Ethereum (ETH) is consolidating near the $ 1800 resistance, and the Ripple (XRP) price has reached 56.4 cents. The total capitalization of the digital currency market was 1.82 trillion dollars.
Visa payment system and cryptocurrency service Crypto.com have launched a pilot program to integrate payments in the USD Coin stablecoin. The solution works on the Ethereum blockchain. Visa representatives noted that it will eliminate the need to convert a digital asset to fiat in order to complete a transaction. The company also cooperates with the institution-oriented cryptobank Anchorage. It plans to launch a settlement option in the USDC after testing and discussing the initiative with partners. Earlier, the company revealed details of its cryptocurrency strategy, which includes Bitcoin, other cryptocurrencies, as well as fiat-backed tokens and stablecoins. Recall that in December 2020, Visa connected its global network to the USDC and announced the release of a card with support for payments in stablecoin.
Analysts of CryptoQuant noted that the volume of stablecoins on the wallets of cryptocurrency exchanges exceeded $10 billion — this is a record figure and a positive signal for Bitcoin. The influx of bitcoins to the wallets of cryptocurrency exchanges indicated the possibility of a market drop, but there was no sell-off, and large stocks of stablecoins on wallets most likely indicate an increase in the rate of the main cryptocurrency in the near future. During a market fall, large investors send their bitcoins to exchanges in order to sell them immediately if the fall continues. And then they keep them. The total market capitalization of stablecoins is about $60 billion. Thus, more than 17% of the total number of stable digital currencies is concentrated on the wallets of cryptocurrency exchanges.
In my trading forecast, I expect the Bitcoin (BTC) price to strengthen to the $58300 level, Ethereum (ETH) may rise to the level of $ 1840, and Ripple (XRP) - to 0.58 agaist USD.