Bitcoin trades cautiously ahead of Capitol Hill hearing – .

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Bitcoin Traded cautiously on Wednesday morning, remaining above the $ 50,000 level after a steep decline that started last week.

Bitcoin’s weekend liquidation and subsequent rebound illustrates the volatility of the crypto market, but also its growing connection to traditional asset classes.

BITCOIN PRICE DROPS AFTER WALL STREET SALE

Between late Friday night and early Saturday morning, the price of bitcoin fell more than 20%, trading as high as $ 42,000 at one point. As of Monday afternoon, it had recouped some of those losses and was trading on Tuesday afternoon around $ 50,528, according to CoinDesk. It was still down from $ 53,670 on Friday afternoon, and about 27% below its high of $ 68,990 set in November, according to the Wall Street Journal.

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Investors have cited several reasons for recent price movements: sell-offs on option exchanges, interest rates, market risk and Federal Reserve policy.

In other cryptocurrency news, senior executives at six crypto companies will tell Congress on Wednesday to be cautious in imposing new rules on digital assets – or risk sending activity underground or in the dark. outside the United States

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In prepared testimony, the companies will tell the U.S. House financial services committee that they will generally support clearer rules, but rules that are too restrictive will move them away from the reach of the United States, according to Reuters.

Separately, Visa Inc, the world’s largest payment processor, on Wednesday launched a global crypto advisory service for clients such as banks and merchants, according to Reuters.

Teleprinter Security Last Changer Changer %
V VISA INC. 207,37 +4.69 +2,31 %

Visa is taking the step due to increasing investor demand for crypto services.

Visa’s services include educating institutions about cryptocurrency, the ability for customers to use the payment processor network for digital offerings, and help with managing backend operations.

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A new global study from Visa has shown that nearly 40% of crypto owners surveyed are likely or very likely to change their primary bank to one with crypto-related products in the next 12 months.

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