Bitcoin (BTC) was trading around $54,680 as of 12:50 UTC (8:50 p.m. ET), after falling late Monday to around $53,715, the lowest since March 16.
The largest cryptocurrency fell 5.8% over the previous 24 hours. Bitcoin’s 24-hour range: $58,407.62 -$53,795.15
Visa Taps Further into Bitcoin
The decline in the digital currency comes at a time when Crypto.com, a Hong Kong-based payment and cryptocurrency platform has announced a global partnership with Visa.
Crypto.com is a pre-paid Visa Card which is one of the first cards tied to bitcoin on the market and is currently the largest Visa program of its kind, with 31 markets covered in Europe, as well as the U.K., Canada, and the U.S., where it launched in July 2019.
The company has enabled Users to convert their crypto into one of the supported fiat currencies, such as the U.S. Dollar, Euro, British Pound, and others, pay with their card and make cash withdrawals anywhere Visa is accepted.
The partnership with visa will allow the crypto company to begin direct issuance of the Crypto.com Visa Card in Australia and scale the program to new markets.
This comes shortly after Visa CEO Alfred F Kelly, announced in a conversation at Fortune’s Leadership Next podcast that the financial services company is planning to enable the buying of Bitcoin on Visa credentials
However, despite the worrying performance of the largest cryptocurrency, altcoins have been on a winning scale with Grayscale Investments announcing the turn of new trusts, each focused on altcoins.
As a result, analyst are optimistic that it could be altcoin season as two of the three largest altcoins are underperforming bitcoin. At the same time, historically smaller altcoins are outperforming the largest cryptocurrency