TL;DR Breakdown
• Bitcoin regains ground hitting $38000 in value today.
• Amazon to imbibe crypto use by the end of 2021.
Cryptocurrencies have increased in price on Monday after a report suggested that Amazon will accept crypto payments. With Amazon set to accept cryptocurrencies, the Bitcoin price apparently took off. The world’s most used online store will reportedly attempt to accept cryptocurrency payments by the end of 2021.
After the announcement, Bitcoin’s price jumped past $38000, breaking the downtrend that had been going for weeks. The cryptocurrency’s capitalization increased 12 percent, and its value could possibly reach $40000 in a few hours.
Amazon rumors increase BTC price
Cryptocurrencies were seen to significantly increase in value after Amazon posted a job related to crypto. Amazon said it was looking to take advantage of crypto and Blockchain technology in the announcement. This little online quote unleashed speculation which apparently has led to an uptrend in crypto prices.
The rumors also talk about Jeff Bezos and the authorization he gives to accept crypto. These purported crypto payments could possibly be with Ethereum, Bitcoin Cash, or Cardano in the near future.
This strategy is expected to benefit both the crypto market and Amazon, bringing millions of dollars in profits.
Cryptocurrencies regain their uptrend
Since May, the crypto market has had a bearish outlook where Bitcoin did not exceed $34000. However, with the Amazon announcement, Bitcoin and several cryptocurrencies’ prices took off. On the one hand, Bitcoin Cash rose 8 percent in value, capitalizing at $502.07 according to CoinMarketCap.
Cardano also takes advantage of the uptrend, trading above $1.33 with a rise of 10.32 percent. Ethereum price is at $2340 with a peak of 6 percent. As expected, Dogecoin rose 10 percent, reaching a value of $0.218 today.
Cryptocurrencies have gone through a volatile time recently, and this announcement seems to have given a breathing space. Bitcoin was one of the most affected tokens after losing 50 percent of its value at the end of May. A few days ago, BTC was trading below $30000 after the latest news of regulations in China.
Now the Bitcoin landscape may change after the Amazon announcement as well as JPMorgan news. The American company will become the first bank to accept crypto and allow free trade. Both announcements combined may see Bitcoin hit new all-time highs in the coming months regardless of regulations imposed in the Asian country.
