Bitcoin Soars To Nearly $40,000 As Amazon Rumours Spread

Jul 26, 2021
10:07
2 min reading

Choise.com team

The price of Bitcoin briefly surpassed $39,000 for the first time since June 26, showing an increase of more than 12% over the past day. The price reaction could be sparked by rumors of Amazon’s plans to add cryptocurrency payments.

Other well-known cryptocurrencies are also showing significant growth. Over the past 24 hours, the Ethereum price has grown by 8.91%, XRP – by 9.87%, Cardano – by 11.36%.

According to CNBC, Amazon believes that “the future will be built on new technologies that enable modern, fast and low-cost payments” This was announced to the publication by a representative of the company.

Amazon has confirmed that the company will accept cryptocurrencies but did not reveal when exactly this should happen. Business Insider has found an Amazon job listing that seeks a leader who will develop the retailer’s Digital Currency and Blockchain strategy as well as a product roadmap.

The head of Twitter, Jack Dorsey, also announced his interest in cryptocurrency earlier. He noted that Bitcoin would become an integral part of the future microblogging service and called it “the best candidate” for the role of the “national currency” of the Internet.

Not long before that, Tesla founder Elon Musk allowed the resumption of accepting bitcoins for electric cars of his automaker. For this, he said, at least half of the cryptocurrency must be mined using renewable energy sources.

Another circumstance could have provoked the growth of Bitcoin. More than $700 million were liquidated from short Bitcoin positions on Monday, according to Bybt.com. This is the largest one-day sale in the last three months, announced Bloomberg.

“The scale of the jump was probably caused by excessively inflated shorts,” said Vijay Ayyar, head of the Asia-Pacific branch of the Luno crypto exchange in Singapore, said in an interview with the agency. However, he added that rumors about Amazon probably played a role too.