Bitcoin price briefly traded nearly $40,000 as Amazon ready to accept BTC payments by the end of 2021

By Selena On Jul 26, 2021

Bitcoin price briefly traded near $40,000 for the first time since June 16. It has now receded slightly from the other breakout, changing hands at $38,370, recording a 13% gain in the day.

BTC/USD 4-hour chart | Source: TradingView

Bitcoin price continued to rally since July 21, representing the largest single daily gain in over six weeks

From a low of $34,639, BTC has rallied nearly $40,000 in less than 3 hours. This action liquidated over $800 million worth of short positions.

Source: Bybt

The reason for this increase is due to extremely good but confirmed news from Amazon.

“This price action is aligning with what we’ve seen the past couple of weeks,” the head of capital markets at Maple Finance, Daniel Kim, stated. “Borrowing rates for USD have started to increase from its lows. We’ve also been seeing a significant increase in demand for USDC from institutional borrowers and the sentiment seems to be bullish following the news of Amazon participating in Bitcoin,” Kim added.

Indeed, after Amazon published a new job listing for a cryptocurrency and blockchain expert, some new details about its alleged cryptocurrency plans have emerged. An anonymous source told British business newspaper City A.M. that the e-commerce giant is set to start accepting BTC payments by the end of 2021. If true, such a development could potentially turbocharge cryptocurrency adoption.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the anonymous source stated.

Amazon won’t stop with Bitcoin. After integrating the largest cryptocurrency, it will then add Ethereum, Cardano, and Bitcoin, “It won’t take long because the plans are already there, and they have been working on them since 2019.”

Source: Coin360

Following the rise of BTC, the altcoin market is also extremely prosperous. ETH is up 6.37% on the day, trading nearly $2,300. The top 10 coins with the highest market capitalization show 7% – 9% gains on the day, with Polkadot (DOT) jumping in with double-digit gains, currently trading at $14.74.

The crypto market cap currently stands at $1.516 trillion. At the same time, Bitcoin Dominance accounted for 47.3%, according to CoinMarketCap.

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