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

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.