Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors
July 27 2021 - 1:00PM
NEWSBTC
Bitcoin price promptly lost $1,000 in 12 hours after an Amazon
spokesperson confirmed that the company was not planning to add
bitcoin to its platform. The price which had seen a major uptick in
the price in the day following the news of the company accepting
bitcoin has now started to correct back down. Amazon rumors
circulated the market, contributing to major gains in the crypto
market. Coins like Bitcoin and Dogecoin saw over 10% gains added to
their prices in just 24 hours. The crypto market recorded
significant gains as the market saw hundreds of millions of shorts
liquidated in a short period of time. Related Reading | Over
$800 Million Bitcoin Shorts Liquidated As Price Surges 12% In 24
Hours As news spreads around the market of the denials, prices
continue to fall across the board. Cryptocurrencies like Bitcoin
and Ethereum have recorded dips in their prices in the last 12
hours following this. Amazon Interested In Cryptocurrencies A
spokesperson for the company denied all rumors of Amazon
integrating bitcoin on their platform and making its own native
token. But this doesn’t mean that the company has no interest in
the cryptocurrency industry. According to the spokesperson, Amazon
will continue to explore the space and see what it holds for its
customers. “Notwithstanding our interest in the space, the
speculation that has ensued around our specific plans for
cryptocurrencies is not true. We remain focused on exploring what
this could look like for customers shopping on Amazon.” BTC loses
$1,000 in following Amazon response | Source: BTCUSD on
TradingView.com No cryptocurrencies, in particular, were named in
the email correspondence with CoinDesk in which the rumors were
dispelled. But as the top cryptocurrency in the market, bitcoin is
usually always the first point of contact when companies decide to
dip their feet in the crypto market. Market Impact Going Forward
Continuing on this streak might see the asset’s price falling even
further down. Although the e-commerce giant did not completely
denounce the entire industry. The market continues to record small
losses as the hours go by. But so far, not a wide margin of losses.
Related Reading | Number Of Investors Holding Bitcoin Tripled
In Last Three Years The impact of the rumors of the Amazon bitcoin
integration continues to show just how important adoption is to the
wider crypto industry. Mainstream usage will be the final stage of
adoption, and prices of BTC and other cryptocurrencies are likely
to soar. A 10% gain in just hours following a rumor like this sets
the stage for market reactions when actual adoptions like this
happen. Bitcoin has recorded over a 3% loss following this news, to
be trading in the $37,000 price range. Featured image from Al
Jazeera, chart from TradingView.com
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Aug 2024 to Sep 2024
Ethereum (COIN:ETHUSD)
Historical Stock Chart
From Sep 2023 to Sep 2024