BUSINESS | PEOPLE | Jul 27, 2021 | WOZINGA NEWS
Bitcoin's momentum is back after Amazon's job posting
- Bitcoin rose to $40,000, the greatest gain in six weeks.
- Amazon become a game changer after posting its job position, become the reason of the latest Bitcoin surge.
- Tesla CEO, Elon Musk and Twitter CEO, Jack Dorsey adds Bitcoin’s momentum.
By Elah Mae Ariate Wozinga Journalist
As shorts covered positions over the weekend, Bitcoin is rallying, marking its greatest daily gain in six weeks. At the time of writing, the cryptocurrency was trading at $37,021, up 24.52 percent in the last 7 days, according to Coinmarketcap.
After a sharp correction in May and two months of consolidation between $30,000 and $40,000, sentiment has shifted from extreme bearishness. Some analysts anticipate further gains and see the recent rebound as a trend reversal, according to CNBC.
Amazon is a "game changer"
Bitcoin and other cryptocurrencies have recently struggled. However, the sector may have found a savior in the form of Amazon. The company’s job posting for a “digital currency and blockchain product lead” has sparked widespread speculation about what the tech behemoth is up to.
The new position will be a member of the team in charge of how Amazon’s customers pay on its platforms. Amazon may accept cryptocurrency payments by the end of the year, according to the report. The internet behemoth may even be developing its own coin and may accept alternatives such as Ethereum, Barrons.com reports.
Cryptocurrencies are fighting for their place in society, their use, and, ultimately, their value. Acceptance by a company as large as Amazon will only help their case.
Elon Musk and Jack Dorsey add Bitcoin momentum
Elon Musk, a cryptocurrency enthusiast and Tesla CEO, stated last week that the carmaker would likely resume accepting Bitcoin. This is after conducting due diligence on its energy use. According to Aljazeera, it had suspended such payments in May, contributing to a sharp crypto selloff.
On the other hand, Twitter CEO Jack Dorsey also stated last week that digital currency is a “significant part” of the social media company’s future.
“Bitcoin has gradually trickled back into the hands of longer-term holders throughout these months following the dramatic sell-off from all-time highs in May.” Sean Rooney, head of research at crypto asset manager Valkyrie Investments, wrote in an email to CoinDesk.