Bitcoin price slides snapping two days of gains
Bitcoin is down more than 7% this month
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Bitcoin's price remained lower Friday morning after Thursday's slide snapped two days of gains.
The cryptocurrency mirrored the fall of tech stocks in the trading session. The concern remains that the Federal Reserve will begin raising interest rates, according to Coindesk.
While an increase in rates can curb inflation, it will also put pressure on risky assets.
Digital currencies are expected to grow in acceptance this year.
Almost a quarter of small businesses in nine countries around the world plan to take it as a form of payment, while 13% of consumers in those countries expect retail stores to begin offering crypto payments this year and beyond, according to a survey by Visa Inc.
The survey included 2,250 small business owners,1,000 adults in the United States, along with 500 adults from each of the nine countries, according to Reuters.
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While gaining in popularity, cryptocurrencies are not widely used to pay for goods and services, in part because of their fluctuation in value.
On Monday, Bitcoin fell more than 5%, tumbling under the $40,000 level for the first time since September.
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In other news, the cryptocurrency exchange Coinbase said it is buying a crypto futures exchange, FairX, as part of a move to offer crypto derivatives to traders in the United States.
FairX, which was launched last year, is the operating name of LMX Labs. It sells futures products and is regulated by the U.S. Commodity Futures Trading Commission (CFTC).
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 293.29 | -18.93 | -6.06% |
Coinbase said it wants to make trading of regulated crypto derivatives accessible to retail and institutional customers, according to Reuters.
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Crypto futures and options products, especially those offered by regulated platforms, are widely seen as less risky than buying and selling cash trading.