Bitcoin, crypto market stalled after Amazon denied rumors

Bitcoin [BTC] climbed to $ 40,000, which in turn sparked a rally in the rest of the cryptocurrency market. As a result, the cumulative valuation rose to $ 1.51 trillion after a prolonged period of movement. However, the bullish impulse was short-lived and saw a sharp reversal and after Amazon addressed rumors about its plans to accept Bitcoin payments by the end of the year. The e-commerce giant flatly denied the London tabloid report.

Amazon manages hundreds of billions of dollars in transactions every year. This makes the multinational company a huge podium for cryptocurrencies to debut as legal tender. Therefore, the news sparked a frenzied anticipation of the company’s alleged crypto plans. The price soared on speculation that Bitcoin might be accepted for Amazon purchases, which soon turned negative after the company clarified.

An amazon speaker was quoted as saying

“Despite our interest in space, the speculation that has arisen about our specific plans for cryptocurrencies is not true. We continue to focus on researching what this might look like for customers who shop on Amazon. “

Not Bitcoin yet, but Amazon will explore crypto and blockchain

Despite rejecting the rumors of Bitcoin payments support, the spokesman confirmed that the e-commerce giant is still very interested in the cryptocurrency space and is currently testing waters. This emerged from a previous report in which Amazon posted a job posting for a “digital currency and blockchain product leader”.

Amazon’s spokesperson also said the company was “inspired” by innovations in the cryptocurrency sector and explored the importance of this market to it, while denouncing the need for new technologies that enable modern, fast and inexpensive payments.

In the past few months, several companies have come up and started accepting digital currencies for payment. This has helped Bitcoin and cryptocurrencies enter the mainstream discussion, as until a few years ago the entire asset class was shunned by large financial institutions.

Most notably, the market got a new boost after Tesla CEO Elon Musk claimed the electric car maker was preparing to accept Bitcoin as a means of payment again.

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