Rumors of an Amazon insider confirming the company’s plans to integrate bitcoin into its platform. Following this revelation, the price of bitcoin has skyrocketed. Bitcoin’s price has risen by a stunning 12 percent in the last 24 hours. On exchanges like Coinbase, the price has surpassed $39,000. However, it isn’t quite enough to break the $40,000 barrier.
The value of the digital asset does not appear to be decreasing. So far, the price has been firmly in the green. The increasing trend is continuing. The market is still buzzing with rumors. With bullish tendencies continuing, the Bitcoin price is showing greater promise. And the market sentiment is now skewed toward the optimistic.
Amazon Will Accept Bitcoin Payments
Last week, there were rumors that Amazon was planning to integrate bitcoin payments into its systems. This came after the e-commerce behemoth advertised a position for a Digital Currency and Blockchain Product Lead on its website. Investors speculated that Amazon was considering adding cryptocurrency as a payment option as a result of the job advertising.
According to previous reports, Amazon is interested in learning more about the blockchain sector. According to a corporate spokeswoman, the company was motivated by the innovation taking place in the space.
The Digital Currency and Blockchain Product Lead’s job include developing the company’s digital currency and blockchain strategy. The market has been sent into a frenzy as a result of this extremely positive news. Cryptocurrency prices are continuing to rise across the board.
Why This Could Only Be The Start
The rise in bitcoin’s price is thought to be merely transitory. Investors buy the hype and respond exclusively to the news that comes into the market. However, the current rise may not be over yet. The market mood appears to be shifting in favor of cryptocurrency. With celebrities like Elon Musk confirming that bitcoin accounted for a “substantial chunk” of their investment portfolios.
Institutional capital is still pouring into the digital asset. Cathie Wood’s Ark Invest just announced another $10.8 million investment in Grayscale Bitcoin Trust. With the CEO predicting that the price of bitcoin may reach $400,000.
As investors’ faith in the market recovers, more money is being re-invested. Short sellers continue to lose a lot of money as they try to get rid of their short positions. So far, the bulls appear to have recovered control of market pricing.
Markets continue to respond positively to news of adoption. If bitcoin’s present trend continues, the price of the digital asset might break $40,000 before the end of the day.