Amazon has denied the City AM rumor that the giant would be accepting crypto payments by the end of the year.
The rumor had sparked an impressive 15% move up to $40,000 for Bitcoin which is now back under $38,000.
Amazon is still recruiting blockchain-savvy employees as the firm continues to explore its options.
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The rumors of Amazon moving to accept Bitcoin for purchases was a catalyst for one of the best days for the crypto markets since May. The online giant has since denied these rumors, leading Bitcoin to drop 7% in the last hour.
Earlier this morning, the market saw a sharp uprise following the rumor that Amazon was preparing to accept crypto payments. While the recent interest of the online retail giant for blockchain is more than legitimate, as shown by its recent job postings related to blockchain technology, this particular rumor wasn’t.
Update: Amazon denies CITY A.M report it will accept Bitcoin this year, but will “continue exploring cryptocurrencies”
— Documenting Bitcoin 📄 (@DocumentingBTC) July 26, 2021
While BTC had one of its best days in recent memory, the leading cryptocurrency has seen a mild correction following Amazon’s update. The price that had only just broken through $40,000 fell back below $38,000.
Earlier today, Crypto Briefing warned that the rumors remained doubtful as the news was reported by City AM, a free London newspaper, and the sources quoted by the publication were anonymous. It seems as the market was too quick to react to what in hindsight seems like a very unlikely turn of events. If Amazon announced cryptocurrency support, chances that City AM would be breaking the story are slim.
City AM is the kind of newspaper you only read while on the tube (subway) … if your phone’s battery is dead.
Why would an anonymous Amazon insider talk to them? https://t.co/izmYRGuFGM
— Alex Krüger (@krugermacro) July 26, 2021
The rumor alleged that Amazon was preparing not only to accept Bitcoin and Ethereum as a payment option but also Bitcoin Cash and Cardano, two choices that seem less realistic at this time due to their lesser usage.
The following price movement hasn’t seen a sharp retrace yet, indicating that the Amazon news wasn’t the only contributing factor for the recent price action. During the weekend, both Bitcoin and Ethereum saw positive sentiment return after a two-month-long consolidation period.
Disclaimer: The author held ETH and several other cryptocurrencies at the time of writing.
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