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Saturday, September 30, 2023

Bitcoin rally comes to a standstill: Amazon spoils games

After a price jump at the start of the week, the Bitcoin rally came to a standstill just one day later. Responsible for this is Amazon, one of the price drivers of the previous day.

Bitcoin cannot defend the 40,000 dollar mark
• Currency temporarily slips back below 37,000 US dollars
Amazon denies plans for Bitcoin as a means of payment

The US $ 40,000 mark, which the largest crypto currency Bitcoin was able to regain the day before, is gone: Cybercoin temporarily fell below the US $ 37,000 mark on Tuesday. It is now hovering around US $ 38,000 and cannot continue its rally after rising more than 17 percent to US $ 40,563 on Monday.

Amazon’s denial stops the rally

On Monday, statements by Tesla boss Elon Musk and Twitter CEO Jack Dorsey were positively received in the market . However, a job advertisement from Amazon in which the Internet giant was looking for a leadership position in the crypto sector caused the significant price hike at Bitcoin & Co. This led to speculation that Amazon could accept Bitcoin payments by the end of the year, as reported by the London business newspaper City AM.
But Amazon itself has since denied such plans. Compared to Reuters, the US group emphasised an interest in the crypto market, but concrete plans in this context are untrue. “We continue to focus on researching what [the integration of cryptocurrencies] might look like for customers who shop on Amazon.”

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The company did not tell Reuters exactly what the purpose of the job posting was for. However, recently numerous corporations have opened up to the acceptance of crypto currencies as a means of payment. Such a step on the part of one of the world’s largest online retailers could help Bitcoin to gain acceptance in the mass market, which explains the significant gains made the previous day.

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