Bitcoin trades above $40,000, snaps two-day slide
Crypto lender Nexo has teamed up with Mastercard to launch the first 'crypto-backed' payment card
Comerica Wealth Management CIO John Lynch discusses which sectors could drag down markets on 'The Claman Countdown.'
Bitcoin traded above $40,000, following a day of gains after snapping a two-day losing streak and trading lower in eight of the last nine days.
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Bitcoin remains down more than 9% month-to-date and more than 10% year-to-date.
Most cryptocurrencies gained on Wednesday.
What is being called the world's first "crypto-backed" payment card has arrived.
Crypto lender Nexo has teamed up with global payments company Mastercard to launch the card on Wednesday, according to Reuters.
An illustration of Bitcoin. (iStock / iStock)
It represents the latest move by financial networks to bring crypto into the mainstream.
The card will first be available in selected European countries.
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The card gives a cardholder the ability to spend without selling their digital assets. Those assets, such as bitcoin, are held as collateral.
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The card, which is linked to a Nexo-provided, crypto-backed credit line, can be used at 92 million merchants worldwide where Mastercard is accepted.