Bitcoin Price Cools as Amazon Says Crypto Rumors Are 'Not True'
Market Musings

Bitcoin Price Cools as Amazon Says Crypto Rumors Are 'Not True'

By Connor Sephton
2mo ago
2m

Although Amazon has denied BTC will be accepted as a payment method this year, the company is open minded.

Bitcoin Price Cools as Amazon Says Crypto Rumors Are 'Not True'

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Bitcoin has cooled slightly after Amazon flatly denied that it was planning to accept cryptocurrency payments by the end of this year.

In a statement, a spokesperson said:

“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.”

A report in City A.M. had claimed that support for BTC transactions was imminent, and that the eCommerce giant was planning to launch its own token next year.

Amazon’s denial suggests that it is trying to keep future plans under wraps as it begins the search for a digital currency and blockchain product lead.

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The Market Action 

BTC had raced up to highs of $40,499.68 as the crypto markets digested the news — and such a sharp rise hadn’t been seen for several weeks. Chinese journalist Colin Wu tweeted:
“Bitcoin rose by 12% in one hour, leading the increase. Because Chinese have just gotten up. It is obvious that the price of Bitcoin has started to rise after this rumor about Amazon spread in the Chinese community.”
After Amazon’s denial, BTC began to give back some of yesterday’s extraordinary gains, but it does appear to have settled above $37,000 — a level that’s still markedly higher than what we’ve seen for most of July.

With Bitcoin managing to clear its 50-day moving average, all eyes now are on crucial resistance levels.

In a note to investors yesterday, Katie Stockton of Fairlead Strategies said BTC could witness a surge to $51,000 if it manages to surpass resistance around $43,000.