Bitcoin Price Drops $1,000 In 12 Hours After Amazon Dispels Bitcoin Integration Rumors

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.”

Bitcoin chart from TradingView.com

BTC loses $1,000 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
Publication date: 
07/27/2021 - 17:00
Author: 
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