Buy CGT/Claim

Visa's Ethereum Push: Bullish Catalyst?

  • ETH rose after Visa announced it was testing big USDC settlement payments on the Ethereum network.

  • Visa's move boosts Ethereum, which has enjoyed 30% gains in the past month.

07 Feb 2023 By : COIN GABBAR
Visa's Ethereum Push

After Visa revealed that it has been testing accepting large value settlement payments in USDC on the Ethereum blockchain, the price of ETH increased.

Visa, a leader in global payments, is eager to develop "muscle memory" for settlements. Visa is now investing on a global settlement with cryptocurrency tokens and fiat currencies with the goal of improving the simplicity of conversion between digitally tokenized Dollars and conventional US Dollars.

Ethereum and Visa: A Stable Blockchain Partnership

Visa revealed that they are testing out how to accept large-value settlements on the Ethereum blockchain at StarkWare Sessions 2023. This claim has the potential to boost the price of the second-largest cryptocurrency on the market.

"We've been testing how to actually receive settlement payments from issuers in USDC starting on Ethereum and paying out in USDC," said Cuy Sheffield, VP and Head of Crypto at Visa. Therefore, these settlement payouts are substantial. He continued, "We should be able to convert between digital tokenized dollars and traditional dollars in the same manner that we can convert between dollars in euros on a cross-border transaction."

Will the price of Ethereum turn bullish?

The action by Visa supports a positive narrative for Ethereum, which has seen increases of around 30% for holders over the previous month. The price of Ethereum (ETH) is $1,648 at the time of writing, with a market size of $198 billion and a 31% increase in 24-hour trading volume. It is currently $7,595,862,167. At the same moment, according to the cryptocurrency market tracker CoinGabbar, there are about 122,373,866 ETH in circulation.

The advantage for buyers is represented by the 20-day EMA ($1,586) with bulls looking to assert their supremacy. If bulls are successful, the price of ETH may increase to $1,800 and even reach $2,000 if they are successful.