After Amazon posted a job listing that required an expert in cryptocurrency and blockchain, Bitcoin surged 14%.
The rest of the market followed Bitcoin’s lead and it was practically green across the board but an Amazon spokesperson’s recent announcement made the entire market drop at a moments notice.
An Amazon spokesperson made an announcement declaring that Amazon has no immediate plans to accept cryptocurrency as a payment method.
The e-commerce giant’s announcement came after a tabloid in England falsely declared that Amazon would accept cryptocurrency by the end of the year and launch their own cryptocurrency by 2022.
Bitcoin pulls back as Amazon denies reports of adding cryptocurrency support. Altcoins including ether, BNB, cardano and XRP are also down: by @BillyBambrough https://t.co/kud0ab3Zfy pic.twitter.com/5RgzTLjqE4
— Forbes Crypto (@ForbesCrypto) July 27, 2021
— Forbes (@Forbes) July 26, 2021
Coin Desk got the scoop, check out what they had to share:
Amazon has come out and flatly denied a British newspaper’s report that the e-commerce colossus was planning to accept bitcoin (BTC, -2.14%) payments by the end of the year.
“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” a spokesperson for Amazon told CoinDesk by email Monday. “We remain focused on exploring what this could look like for customers shopping on Amazon.”
The report earlier Monday by City A.M., which is distributed for free on the London Underground, cited a single, unnamed “insider.” Nevertheless, many cited it as one reason for the bitcoin price’s rebound after dipping below $30,000 last week.
After Bloomberg reported Amazon’s denial (on the financial data provider’s flagship terminal, but promptly signal-boosted by ZeroHedge), the price began retracing some of the day’s gains. As of this writing it was up 7.3% on a 24-hour basis, to $37,179.24.
— Brad Flanagan (@cryptobraddyy) July 27, 2021
Forbes reported Amazon’s announcement too:
Bitcoin and cryptocurrency prices have moved sharply lower after charging into the week yesterday (subscribe now to Forbes’ CryptoAsset & Blockchain Advisor and discover crypto blockbusters poised for 1,000% gains).
The bitcoin price, which briefly touched $40,000 per bitcoin yesterday, has dropped more than 7%, falling back to $36,000 after retail giant Amazon AMZN +1.2% denied reports it was poised to add bitcoin and cryptocurrency support.
The sudden sell-off knocked the wider cryptocurrency market, with ethereum, Binance’s BNB, cardano, XRP and the meme-based favorite of Elon Musk, dogecoin recording losses of between 5% and 10%.
Although Amazon announced they will not accept cryptocurrency this year many believe it’s inevitable that the world’s largest e-commerce companies will accept cryptocurrency.
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