Bitcoin and Ethereum Jumps on Visa Support Announcement

Bitcoin and Ethereum were the big movers yesterday, after news that Visa intends to use USD Coin to settle payment transactions on its platform.

Visa announced its plans to incorporate the cryptocurrency into its payment options and also noted that it intends to look to allow additional partners in the future. US Coin is a stable coin, which means its price is tied to the USD. Stable coins are traded on most cryptocurrency exchanges and act as a bridge for those looking to transfer or manage their funds between fiat and various cryptocurrencies. Visa is partnering with digital asset bank Anchorage to manage transactions.

The news from Visa comes on the back of a host of major corporations that are looking to adopt cryptocurrency as a form of payment including Tesla, Mastercard and Bank of New York Mellon.

Technical Outlook

The news saw the price of both BTC and ETH surge when the news hit Reuters. Bitcoin had been trading around the $55,000 level, before the announcement saw the price jump to $58,000 where there has been significant resistance in the past month, dating back to February 22.

Above current price levels, there is also significant resistance at the key $60,000 level and also the current all-time highs of approximately $61,500.

Over the weekend, there was strong selling pressure across the entire sector as Bitcoin tagged the $50,000 level before recovering to open the week.

At this stage, the bulls remain firmly in control and the news flow continues to help prop up price.

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