After an Amazon spokesperson confirmed that the company did not intend to add Bitcoin to its platform, the price of Bitcoin quickly dropped by $1,000 within 12 hours. The day after the news of the company’s acceptance of Bitcoin, the price that had risen sharply has now begun to fall.
Amazon’s rumors circulated in the market, bringing significant benefits to the crypto market. The price of coins such as Bitcoin and Dogecoin has risen by more than 10% in just 24 hours. As the market liquidated hundreds of millions of shorts in a short period of time, the crypto market recorded significant gains.
As news of the denial spread in the market, prices continued to fall across the board. In the past 12 hours after this, the prices of cryptocurrencies such as Bitcoin and Ethereum have fallen.
Amazon is interested in cryptocurrencies
A spokesperson for the company denied all rumors about Amazon integrating Bitcoin on its platform and making its own native token. But this does not mean that the company has no interest in the cryptocurrency industry. According to the spokesperson, Amazon will continue to explore this area to see what it offers customers.
“Although we are interested in this area, the speculation surrounding our specific plans for cryptocurrency is not correct. We are still focused on exploring what this will look like for customers shopping on Amazon.”
BTC loses $1,000 following Amazon response | Source: BTCUSD on TradingView.com
In particular, no cryptocurrency was mentioned in the email communication with CoinDesk, and the rumors were eliminated. But as the top cryptocurrency on the market, when a company decides to enter the cryptocurrency market, Bitcoin is usually the first point of contact.
Future market impact
Continuing this winning streak may see further declines in asset prices. Although the e-commerce giant did not completely condemn the entire industry. Over time, the market continued to record small losses. But so far, the loss has been modest.
The impact of rumors of Amazon Bitcoin integration continues to demonstrate the importance of adoption for the wider crypto industry. Mainstream usage will be the final stage of adoption, and the prices of BTC and other cryptocurrencies may soar. In just a few hours after such a rumor came out, it rose by 10%, laying the foundation for the market reaction when the situation was actually adopted.
After the news came out, Bitcoin fell by more than 3%, and the transaction price was $37,000.
Featured image from Al Jazeera, chart from TradingView.com