Digital Assets: Bitcoin Closes In On $40K After Amazon Rumors Spark Rally

July 26, 2021 | Digital Assets, News
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A rumor that Amazon would accept cryptos sparked a short squeeze.

Bitcoin, the leading cryptocurrency, which had been in a downtrend since its April highs, and tested $30,000 on more than one occasion, surged nearly 15% after a rumor that Amazon (NASDAQ: AMZN) would start to accept payments in some cryptocurrencies later this year. As this is being written, bitcoin is trading at $39,162 and within kissing distance of the key, psychological resistance of $40,000. (Yahoo News)

Amazon rumor

Bears in bitcoin were in full flight after a rumor emerged that Amazon is planning to accept payment on its platform in bitcoin by the end of the year. The ecommerce giant is even said to be considering the possibility of creating its own currency by 2022.

The rumors were likely triggered by a vacancy ad posted by the American company for a candidate who could “leverage domain expertise in blockchain, distributed ledger (where every transaction made within a blockchain is recorded), central bank digital currencies and cryptocurrency.”

City AM adds to the speculation

London’s City AM newspaper then reported on a conversation with a “source” who said: “This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work.”

“It begins with bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top… Jeff Bezos himself,” City AM reported.

The company has been working on crypto since 2019, the source said.

The Amazon news came on top of a series of plugs for bitcoin last week by celebs such as Elon Musk, Jack Dorsey and Cathie Wood.

Related Story:   Crypto Adoption Stories From JPMorgan, Gallup Poll, Bitcoin Depot, And UBS

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