Bitcoin price jumped above $37,000-mark on Tuesday, for the first time since June 18. The world’s largest cryptocurrency has been trading in green for the last one week. The price surged after speculation that Amazon may soon start accepting payments in Bitcoin, Ether and other cryptocurrencies. The world’s largest online retailer recently posted a job seeking a digital currency and blockchain product lead. Bitcoin was trading at $37,065 at 0715 hours IST on July 27 on coinmarketcap.com Index. The highest 24-hour trading of Bitcoin was recorded at $37,514.9. The world’s oldest cryptocurrency gained 20.85% in the last one week, the data from coinmarketcap.com showed.
The sudden rise in the cryptocurrency world could also be a result of traders buying up bitcoin to fill positions they were short on, having bet its value would fall further. “Bitcoin has witnessed an uptrend over the past couple of days as it skyrocketed from $30,000 to $38,500 levels. The asset finally beat the stiff resistance of $35,000, and since then has rallied upwards. We have also seen volumes build up gradually, as institutional investors seem to be building their positions at these levels,” said ZebPay Trade Desk.
The e-commerce giant recently published a job listing mentioning, “The Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.” This was a clear indication that the Amazon was looking to explore cryptocurrency payments options on its platform, according to market analysts. There has been a report saying the online retail giant is also planning to accept bitcoin payments by the end of the year. However, Amazon later rejected the report, saying, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.”
“Bitcoin’s double-digit gains following news of Amzaon hiring a blockchain lead fuelled the rally. The data from a cryptocurrency analytics portal showed that it was among the highest liquidation of short positions on Bitcoin,” said Edul Patel, chief executive and co-founder, Mudrex- A Global Crypto Trading Platform.
Take a look at the top cryptocurrencies and their prices on July 27 (data from coinmarketcap.com while publishing the article):
Bitcoin $37,101,70 -2.75 per cent change in 24 hours
Ethereum $2182.23 -5.27 per cent change in 24 hours
Binance Coin $302.37 -5.78 per cent change in 24 hours
Cardano $1.24 -6.58 per cent change in 24 hours
Dogecoin $0.1991 -4.95 per cent change in 24 hours
XRP $0.618 -4.58 per cent change in 24 hours
Polkadot $13.64 -7.17 per cent change in 24 hours
Bitcoin Cash $473.95 -4.16 per cent change in 24 hours
Solana $27.84 -9.17 per cent change in last 24 hours
Litecoin $129.84 -5.14 per cent change in 24 hours
“Bitcoin will now face a strong resistance near the $40,000 level if the bulls start losing their steam. The coming 24 hours are expected to be very volatile as both the bears and the bulls have become pretty active. Once the initial balance in the markets is broken, both sides will enter aggressive positions to lock in gains. Retails traders should be careful while trading during such volatile days,” Patel added.
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