Bitcoin, Ethereum, Dogecoin continue to slide
Bitcoin prices fell on Monday as stock and bond markets closed for the Martin Luther King holiday.
The largest crypto by market value slid more than 1% in afternoon trading, hovering around the $42,000 level.
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Ethereum and Dogecoin were also down.
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Despite the current volatility, acceptance of digital currencies is expected to grow this year as Bitcoin’s value remains well below its highs of just two months ago. The cryptocurrency is down around 30% from an all-time high of nearly $69,000 in November, and now technical indicators suggest the selloff is starting to stabilize.
A recent Visa inquiry of more than 6,000 participants in eight countries – Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the United Kingdom and the United States – found that almost one in three informed adults already own or use crypto money, and the majority of this group (62%) say their consumption has increased over the past year.
Around 81% of respondents expressed interest in crypto-linked cards to use digital currencies at retailers, while 84% are interested in crypto rewards. Globally, 18% of survey participants said they would be likely or very likely to switch their primary bank to a bank offering crypto-related products in the next 12 months.
“Crypto represents a technological shift for the movement of money and digital property,” said Terry Angelos, global head of fintech at Visa, in a statement. “As consumers change how they approach investing, where they do their banking, and their views on the future of money, every financial institution will need a crypto strategy.”
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