Bitcoin prices fell on Monday as stock and bond markets were closed for the Martin Luther King furlough.
The largest cryptocurrency by market value slipped over 1% in afternoon trade to hover around $42,000.
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Ethereum and Dogecoin were also lower.
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Despite the continued volatility, digital currency adoption is expected to increase this year as Bitcoin’s value remains well below its highs of two months ago. The cryptocurrency is down about 30% from an all-time high near $69,000 in November, and now technical indicators are suggesting that the sell-off is beginning to stabilize.
A recently Visa Survey of more than 6,000 participants in eight countries – Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, UK and US – found that almost one in three crypto-conscious adults already own or use cryptocurrency, and that the majority of this group (62 %) indicates that their use has increased over the past year.
Approximately 81% of respondents expressed an interest in crypto-linked cards to use digital currencies at retailers, while 84% are interested in crypto rewards. Globally, 18% of survey respondents said they were likely or very likely to switch their main bank to a bank offering crypto-related products in the next 12 months.
“Crypto represents a technological shift for money movement and digital ownership,” Terry Angelos, global head of fintech at Visa, said in a statement. “As consumers change their approach to investing, their banking, and their views on the future of money, every financial institution will need a crypto strategy.”
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