The price of Bitcoin surged to a six-week high on Monday as investors rushed to cover bearish bets, fuelling a rally that pushed the digital currency to $40,545 at one point. The last time Bitcoin traded at that level was on June 16.
But celebrations were short-lived as the retail giant Amazon sent the currency tumbling after denying reports that it would start accepting Bitcoin for payments later this year.
“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” an Amazon spokesperson said. “We remain focused on exploring what this could look like for customers shopping on Amazon.”
Bitcoin shows signs of recovery after a one-month low of $29,360 amid bullish sentiment.
While questions remain about Amazon’s potential participation in Bitcoin, the company isn’t the only name in focus.
Tesla CEO Elon Musk confirmed that the company would again start accepting Bitcoin as it meets green energy requirements. Tesla stopped accepting Bitcoin in May due to concerns about its energy usage.
Furthermore, Twitter CEO Jack Dorsey said that Bitcoin will be a “big part” of the company’s future. He added it can be used for eCommerce transactions and to tip creators on the platform.
Bitcoin’s price dropped from almost $64,500 in April and is now showing signs of consolidation. Experts say the price could rebound to as much as $45,000 in the near term.
With top global companies like Twitter and Tesla exploring new ways of using and accepting digital currencies, this asset class is no longer being shunned by major financial institutions and is moving closer to the mainstream.
Our Ahoy Gaming team shares the enthusiasm surrounding Bitcoin, especially after seeing the advantages the technology provides in enhancing the overall user experience at new online casinos.
