Mitt Blockchain CEO Grant Mitterlehner discusses Bitcoin's volatility as the cryptocurrency recovers after liquidation.
Bitcoin it was trading cautiously on Wednesday morning, hovering above the $ 50,000 level after a sharp decline that started last week.
The weekend Bitcoin selloff and subsequent rally illustrate the volatility of the crypto market, but also its growing connection to traditional asset classes.
BITCOIN PRICE FALLS AFTER WALL STREET SELLOFF
Between Friday night and early Saturday morning, the price of bitcoin fell more than 20%, trading as low as $ 42,000 at one point. By Monday afternoon, it had recovered some of those losses and by Tuesday afternoon it was trading around $ 50,528, according to CoinDesk. That was still down from $ 53,670 on Friday afternoon, and about 27% from its high of $ 68,990 set in November, according to the Wall Street Journal.
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Investors have pointed to several reasons for the recent price action: liquidations on options exchanges, interest rates, market risk and Federal Reserve politics.
In other crypto news, the top executives of six crypto firms will tell Congress on Wednesday to take the necessary precautions to impose new rules on digital assets, or risk sending the activity underground or out of the US. USA
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In prepared testimony, companies will tell the US House of Representatives Committee on Financial Services that they will generally support clearer rules, but overly restrictive ones would push it out of reach of the US, according to Reuters. .
In other news, Visa Inc, the world's largest payment processor, launched a global crypto advisory service for clients such as banks and merchants on Wednesday, according to Reuters.
| Heart | Security | Latest | Change | Change % |
|---|---|---|---|---|
| V | VISA INC. | 208.99 | +1.62 | + 0.78% |
Visa is taking action due to growing investor demand for encryption services.
Visa's services include educating institutions about cryptocurrencies, allowing clients to use the payment processor's network for digital offerings, and helping to manage backend operations.
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A new global study by Visa showed that nearly 40% of surveyed crypto owners are likely or very likely to change their primary bank to one that offers crypto-related products in the next 12 months.
