Bitcoin and cryptocurrency prices have moved sharply lower after charging into the week yesterday.

The bitcoin price, which briefly touched $40,000 per bitcoin yesterday, has dropped more than 7%, falling back to $36,000 after Amazon
AMZN
denied reports it was poised to add bitcoin and cryptocurrency support.

The sudden sell-off knocked the wider cryptocurrency market, with ethereum, Binance’s BNB, cardano, XRP and the meme-based dogecoin recording losses of between 5% and 10%.

Sign up now for CryptoCodexa free, daily newsletter for the crypto-curious that explains the world of bitcoin with brevity. Arriving in your inbox at 7am EDT every weekday

MORE FROM FORBES‘Dogecoin Is Money’-Elon Musk Shares Bullish Doge Theory Amid $200 Billion Bitcoin And Crypto Price Rally

Bitcoin’s rally over the last few days was fueled by wild speculation Amazon was about to add broad support for bitcoin and a handful of other major cryptocurrencies. However, after an intense media frenzy, Amazon nixed the rumor while keeping the door open for future bitcoin and crypto adoption.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said an Amazon spokesperson, first reported by Bloomberg. “We remain focused on exploring what this could look like for customers shopping on Amazon.”

Reports over the weekend that Amazon will “definitely” be adding the option to pay with bitcoin this year, citing an unnamed source, followed the company posting a job ad for a “digital currency and blockchain product lead,” topping off a week that included Tesla
TSLA
billionaire Elon Musk reconfirming his commitment to bitcoin and Twitter’s Jack Dorsey telling investors bitcoin is a “big part” of the social network’s future.

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” the company said in a statement when asked about the posting. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

Bitcoin and cryptocurrency prices have seen a violent return to extreme volatility over the last week after a brief period of serenity.

CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every day

MORE FROM FORBESCrypto Price Prediction: Bitcoin ‘To Overtake’ The Dollar By 2050 And Soar To $66,000 By The End Of 2021

The combined crypto market has swung through a range of more than $300 billion over the last week, with Elon Musk’s pet project dogecoin ricocheting double-digit percentages and giving weary traders whiplash.

“I don’t give out investment advice as it’s anyone’s guess where the market will go in the short term, but I’m always bullish in the long-term about the value of bitcoin as a store of value and its potential to change the world for the better,” Changpeng “CZ” Zhao, the chief executive of bitcoin and crypto exhange Binance, said via email.

(Excerpt) Read more Here | 2021-07-27 01:05:24
Image credit: source

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.