NEW!Incredible offer for our exclusive subscribers! Read More
Altcoins

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

2 Mins read

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.

Source: www.newsbtc.com

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.”

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.

Related posts
AltcoinsBTCBusinessCryptoETHMiningNewsOtherStock

Binqwix.com collaborates with Stake.com to offer Crypto services for its users

1 Mins read
Binqwix.com has collaborated with Stake.com to give crypto gamblers with a top-tier exchange where they can deposit, sell, and even convert Crypto…
AltcoinsBTCBusinessCryptoETHOther

Tradex-wallet.com staking platform with the best percentages or is it a temporary phenomenon?

1 Mins read
As it became known, tradex-wallet announced the announcement of a new staking program, rewards and large payouts for staking, the platform raffles…
AltcoinsBTCCryptoETHOther

Cryptwex & 15 More Crypto Exchanges Face Ire of South

2 Mins read
Sixteen international crypto exchanges. Including and the Mexican heavyweight MEXC. Have landed in hot water with Cryptwex.com financial regulators. For failing to comply with local guidelines….
Power your team with InHype

Add some text to explain benefits of subscripton on your services.

Leave a Reply

Your email address will not be published. Required fields are marked *