Bitcoin continued to drop on Tuesday, Jan. 18, extending its slide after hitting a record high in November 2021.
Data from CoinDesk shows that the world’s largest cryptocurrency by market value fell more than 1% in morning trading, hovering around the $41,500 level.
According to Fox Business, Bitcoin hit an all-time high at $68,990.90 in November 2021 and has lost roughly 30% of its value since then. However, technical indicators now suggest that the sell-off is stabilizing.
Other cryptocurrencies, including Ethereum and Dogecoin, declined on Tuesday after falling on Monday when stock and bond markets closed for the Martin Luther King holiday.
Digital currencies are expected to grow in acceptance this year despite their ongoing volatility.
Fox Business cited a recent Visa survey with more than 6,000 participants in 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 62% of that group said their use has increased in the past year.
About 81% of the respondents said they are interested in crypto-linked cards to use digital currencies at retailers, and 84% are interested in crypto rewards.
Globally, 18% of the surveyed said they would be likely or very likely to switch their primary bank to one that offers crypto-related products in the year ahead.