• Amazon denied reports of BTC acceptance, sending crypto markets into a tailspin (Market Watch)

  • The bitcoin market has been extremely volatile in recent days. This was largely fueled by Bitcoin’s gain, which saw the cryptocurrency reach a high of $40,580 yesterday before plummeting to approximately $37,300 today.

    Following Amazon’s announcement, the price of bitcoin has dropped.

    Bitcoin has had a strong run over the last few days. BTC has risen about 40% in six days, from lows around $29K to a high of $40,580 yesterday. Several factors contributed to this.

    Technical indications are completely lined with positive on-chain data, resulting in a significant gain. As a result of the initial leg up, a string of huge liquidations of BTC short positions occurred (a.k.a a short squeeze). Millions of dollars worth of shorts were squeezed out, compounding the effect and pushing the price higher.

    Another factor that may have contributed to the increase is that rumors began to circulate that Amazon intended to take Bitcoin this year. The corporation, on the other hand, has publicly disputed these reports, stating that there is no such thing and that they do not expect to accept BTC this year.

    Since then, the price of bitcoin has begun to fall. It’s currently selling at roughly $37,300, down about 2% in the last 24 hours, as of this writing.

    Market Turns Red: Altcoins Follow

    Along with Bitcoin, the entire market took a beating, which was unsurprising.

    It’s worth noting, though, that the BTC dominance index has risen somewhat in the last 24 hours, indicating that altcoins have fared even worse.

    Ethereum (ETH) is down roughly 5%, BNB is down 4%, ADA is down 6.8%, DOGE is down over 9%, and so on. In any case, it’s also crucial to remember the overall growth over the last week, as many cryptocurrencies have managed to recapture major technical levels on their route to recovery, despite the current losses.

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