Bitcoin went past the $40,000 mark for the first time since June and most enthusiasts are attributing it to the fact that Amazon is going to get involved in the cryptocurrency space.
The online Retail Giants posted a job on their platform seeking an executive to develop the companies “digital currency and blockchain strategy” this caused a lot of questions among crypto enthusiasts over whether Amazon would start accepting Bitcoin as a method of payment on their platform. As the biggest digital token gained on the rumors and speculations, investors rushing to cover bearish bets fueled the rally, Bitcoin at some point today traded at $40,278 and that was the highest since June 15, 2021.
As at the time of reporting this Bitcoin was trading at $38,388 and has shaded some of its gains. At peak point today, the digital currency appreciated by 17% and that was the most in 24 hours in a long while. According to data from bybt.com they claimed that more than $950 million of crypto shorts have been liquidated on Monday, and that was the most since May 19.
The Bitcoin surge on Monday brought the crypto market back to life after facing a lot of ups and downs for months now. on Binance, the world’s largest cryptocurrency exchange Bitcoin Perpetual contracts jumped as much as 30% over an hour in early New York trading, a sign of extreme volatility in one of the coin’s most liquid derivatives. There has been less volatility on Bitcoin since mid-May and the enthusiasm for crypto has dissipated amidst a regulatory crackdown in china and criticism for its toll on the environment.
The Amazon job posting was reported last week and it is hard not to believe that it has not impacted the price of BTC. Stay tuned with us here as we will extensively cover all the latest news regarding Amazon’s journey into the crypto space.