Bitcoin tops $40,000 for first time as shorts, Amazon fuel rally – Press Enterprise

By Joanna Ossinger and Vildana Hajric | Bloomberg

Bitcoin has surpassed $ 40,000 for the first time since June as the rally, which appears to have been triggered by speculation about Amazon.com Inc.’s involvement in the crypto industry, has intensified.

Job listings from major retailers By looking for executives to develop the company’s “digital currency and blockchain strategy,” analysts question whether this move will ultimately lead to Amazon accepting Bitcoin as a payment method. It happened.

As the biggest speculative digital token, investors rushed to boost a rally to cover a bearish bet, and Monday’s coin temporarily rose more than 17% to $ 40,545, since June 15. It became the highest value of. According to data from Bybt.com, it was liquidated on Monday, the highest since May 19.

“The range of the jump was probably caused by over-leveraged shorts,” said Vijay Ayyar, head of the Asia-Pacific region of Singapore’s crypto exchange Luno.

Meanwhile, Bloomberg News reported that a US investigation into Tether focused on whether the executives behind the token committed bank fraud. Ether earned more than 12% prior to the scheduled upgrade on August 4th. This reduces the amount of outstanding tokens by destroying some of the tokens each time they are used to facilitate transactions on the world’s most used blockchain.

“Mood music has certainly changed over the past week,” said Antoni Trenchev, managing partner and co-founder of cryptocurrency lender Nexo. “Has the flow changed now?”

Monday’s surge brought it back to life after months of stagnation in the crypto market. At Binance, the largest crypto exchange, Bitcoin’s perpetual contracts surged 30% in an hour in early New York transactions. This shows that one of the most liquid derivatives of coins has extreme volatility.

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Bitcoin’s volatility has declined since mid-May, and its enthusiasm for cryptocurrencies has diminished somewhat amid criticisms of regulatory crackdowns and negative environmental impacts in China.

Amazon job listings were reported by CoinDesk last week.

Louis Lagoudis, Executive Director of Digital Asset Hedge Fund ARK36, said: “But investors need to be cautious and avoid over-trading. Keep in mind that liquidity is still relatively low as we head towards the holiday season.”

Bitcoin tops $40,000 for first time as shorts, Amazon fuel rally – Press Enterprise Source link Bitcoin tops $40,000 for first time as shorts, Amazon fuel rally – Press Enterprise


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