Bitcoin reaches highs of $40,000 for first time since mid-June, then falls

Bitcoin reaches highs of $40,000 for first time since mid-June, then falls

Bitcoin Crypto News News
July 29, 2021 by Elias Powell
211
The speculation surrounding Amazon potentially setting foot in the crypto sector caused Bitcoin prices to surge to $40,000. This happened after Amazon added a job listing, stating that the eCommerce giant was looking for a crypto-proficient product lead. The position is for their payments team, and required experience with blockchain and digital currencies. This high
business-3159208_1280

The speculation surrounding Amazon potentially setting foot in the crypto sector caused Bitcoin prices to surge to $40,000. This happened after Amazon added a job listing, stating that the eCommerce giant was looking for a crypto-proficient product lead. The position is for their payments team, and required experience with blockchain and digital currencies. This high came after a long period in April when prices fell below $30,000 after soaring high at almost $65,000.

Today, Bitcoin prices fell to $37,082, which means losses of almost 3 percent. But according to Coindesk, the world’s most popular cryptocurrency raced past $40,000. It reached $40,539 in the previous 24 hours before falling. Dogecoin and Ethereum prices dipped as well, to $0.19 and $2,181 respectively.

Both popular cryptocurrencies recorded losses of over 5 percent. Not to mention, other digital currencies saw a fall in prices by 4 to 7 percent over the last day. These include Uniswap, Cardano, Litecoin, and XRP.

According to a highly-talked-about job posting, the candidate will have autonomy in developing a blockchain strategy. They will also have to develop a product roadmap, which involves collaborating with other branches, such as Amazon Web Services.

Amazon made a statement, calling out a sensationalizing report as fabricated. The report said that the company would launch its own coin by 2022. It also made claims of Amazon accepting crypto-based payments by the end of the year. While Amazon denied these claims, it said that its teams were exploring how crypto could be integrated.

In the last few days, attitudes surrounding cryptocurrency is looking increasingly bullish. It’s all thanks to comments from crypto proponents like ARK Investment Management CEO Cathie Wood and Tesla CEO Elon Musk. Along with the CEO of Square Inc., Jack Dorsey, they spoke at the crypto conference, The B Word.

Cathie Wood, a reputable investor, said at the conference that businesses should think of cryptocurrencies positively. She went as far as saying they should consider adding Bitcoin to the balance sheet. Jack Dorsey praised Bitcoin for being resilient, boosting its reputation among interested investors. Elon Musk has a long-standing history of supporting cryptocurrencies. At the conference, he said that both his companies have Bitcoin holdings, although he didn’t reveal too much.

While all this flattering attention for crypto was great for crypto earlier during the week, it only created a short squeeze of bullish trends. The momentum surrounding Bitcoin needs to stay up if prices are to rise. Of course, investors need to draw a distinction between misinformation and actual news. Otherwise, they can expect a decline once misinformation is called out after spreading like wildfire and causing damage.

Skip to content