After a solid start to the week, bitcoin and cryptocurrency values have fallen drastically.
After Amazon dismissed allegations that it was planning to introduce bitcoin and cryptocurrency support, the bitcoin price has plunged more than 7%, sliding down to $36,000.
The unexpected sell-off shook the larger cryptocurrency market, with ethereum, Binance’s BNB, Cardano, XRP, and Elon Musk’s meme-based favourite, dogecoin, all losing between 5% and 10%. Rumours spurred the recent spike in bitcoin that Amazon introduced extensive support for bitcoin and a few other significant cryptocurrencies. After a media frenzy, Amazon quashed the idea while leaving the door open for future bitcoin and cryptocurrency acceptance.
Despite our interest in the field, the rumours circulated about our specific plans for cryptocurrencies are false, According to Bloomberg, an Amazon official stated. We’re continuing to investigate what this might entail for Amazon customers.
Pay with Bitcoin
According to reports over the weekend, Amazon will add the option to pay with bitcoin this year, citing an unnamed source. That comes after the company posted a job ad for a digital currency and blockchain product lead. Capping off a week that saw Tesla billionaire Elon Musk reaffirm his commitment to bitcoin and Twitter’s Jack Dorsey tell investors bitcoin is a “big part” of the social network’s future.
We’re impressed by the creativity in the cryptocurrency industry, and we’re looking into how this might play out on Amazon. When contacted about the job posting, the business issued a response. They believe that the future will build on new technologies that enable modern, rapid, and low-cost payments. They want to deliver that future to Amazon customers as quickly as possible.
The combined crypto market
After a brief period of stability, bitcoin and cryptocurrency prices have returned to high volatility in the recent week. Over the last week, the total crypto market has fluctuated by more than $300 billion, with Elon Musk’s pet project dogecoin ricocheting double-digit percentages.
I don’t give investment advice because it’s impossible to predict where the market will go in the short term. Still, I’m always bullish in the long run about bitcoin’s value as a store of value and its potential to change the world for the better; Changpeng “CZ” Zhao, the CEO of bitcoin and crypto exchange Binance, said via email.
The leader of altcoins, ETH, has fallen in lockstep with the rest of the crypto market. Yesterday, Ethereum began a bullish rebound by breaking through the $2000 barrier and the 100 hourly SMA. Yesterday, ETH soared to a high of $2419 before starting to fall.
At the $2400 level, Ethereum came under sale pressure and began to fall. The $2320 and $2250 support levels have broken. This morning, ETH hit a swing low of $2145. In an interview with CNBC Fast Money, Brian Kelly, the Founder & CEO of BKCM LLC, a digital currency investment firm, made a positive argument for Ethereum.
He claims that the upcoming London hard fork, which includes the hotly debated EIP 1559, will fundamentally alter Ethereum’s monetary policy.