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.

GET FOX BUSINESS ON THE GO BY CLICKING HERE

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.

It represents the latest move by financial networks to bring crypto into the mainstream.

The card will first be available in selected European countries.

CLICK HERE FOR FOX BUSINESS' REAL-TIME CRYPTOCURRENCY PRICING DATA 

The card gives a cardholder the ability to spend without selling their digital assets. Those assets, such as bitcoin, are held as collateral.

CLICK HERE TO READ MORE ON FOX BUSINESS

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.

Load more..