Bitcoin prices tumbled on Monday with stock and bond markets closed for the Martin Luther King holiday.
The largest crypto by market value slipped over 1% in afternoon trading, hovering around the $42,000 level.
Ethereum and Dogecoin were also lower.
Despite the ongoing volatility, digital currencies are expected to grow in acceptance this year as Bitcoin’s value remains well off its highs just two months ago. The cryptocurrency declined by roughly 30% from an all-time high near $69,000 in November, and now technical indicators suggest the sell-off is starting to stabilize.
A recent Visa survey of more than 6,000 participants across eight countries – Argentina, Australia, Brazil, Germany, Hong Kong, South Africa, the U.K. and the U.S. – found that nearly one in three crypto-aware adults already own or use cryptocurrency, and that the majority of that group (62%) say their use has increased in the past year.
Approximately 81% of respondents expressed interest in crypto-linked cards in order to use digital currencies at retailers, while 84% are interested in crypto rewards. Globally, 18% of survey participants said they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the next 12 months.
“Crypto represents a technological shift for money movement and digital ownership,” Terry Angelos, Visa’s global head of fintech, said in a statement. “As consumers change their approach to investing, where they bank, and their views on the future of money, every financial institution will need a crypto strategy.”
