Bitcoin prices, the world’s largest cryptocurrency, rallied on Monday to regain the $ 54,000 level after Crypto Payments giant Visa Inc. said it would use the cryptocurrency USD coin to settle transactions on its network Will allow

USD Coin (USDC) is a StableCoin cryptocurrency, valued at US dollars.

A Reuters report stated that Visa launched a pilot program with the payment and crypto platform and plans to offer options for more partners.

According to Coingeco, the digital asset was trading at $ 58,005.54, up 3.5% at 4.10pm after moving into the $ 54,719.23-58,230.98 range in the last 24 hours. Bitcoin is more than 5% away from its lifetime high of $ 61,711.87.

Meanwhile, the container ship blocking the Suez Canal was at least partially replenished, with prices also boosted later. Global share indices also remained on a strong footing due to growth.

Bitcoin fell below the $ 51,000 level last week amid falling global stocks.

Blockchain data and intelligence provider Glasnod said in a note, “This was partly due to quarterly rebalancing of institutional investors, increased uncertainty about Brazil’s new Covid version, and interest rates that are still rising.

According to Glasnod, as institutional money has begun to pile up in the crypto space, investors can no longer ignore the narrative and events that drive global financial markets.

Experts say that currency investors should monitor the US Federal Reserve’s statements on their future policy outlook and track inflation data for indications on movements in the crypto market.

Meanwhile, the world’s second-largest cryptocurrency athorum was trading at $ 1,767.58, up 3.4% on Monday.

In India, industry professionals have welcomed the recent circular of Corporate Affairs to include cryptocurrency investments and holdings as part of the companies’ balance sheets.

“We see this new amendment as a welcome step towards positive regulations. Not only will it give investors and savers more confidence to buy bitcoins and other assets, but it will also boost employment generation.” With added point of clarity, Indian blockchains in various sectors like healthcare and agriculture will be better able to attract entrepreneurial investors and venture capitalists, ”said Rahul Pagidipathi, CEO, ZebPay.

By Alex Alena

Alex Alena has been the lead news writer at Cryptocurrency Updates. With a degree in communications, Matt has an uncanny ability to make the most complex subject matter easy to understand.