1 min read.Updated: 27 Jul 2021, 08:02 AM ISTLivemint
Bitcoin's price surged on Monday after speculation that Amazon may be entering the cryptocurrency sector after it posted a job seeking a digital currency and blockchain product lead
In cryptocurrencies, Bitcoin prices fell after surging to $40,000 level after speculation that Amazon may be entering the cryptocurrency sector after it posted a job seeking a “digital currency and blockchain product lead." The five-week intra-day high reached Monday comes after a long slide where it dipped under $30,000 from an April high of nearly $65,000.
Bitcoin prices today were down nearly 3% to $37,082. The world's largest cryptocurrency rose to $40,539 over the last 24 hours, , as per CoinDesk. Ether and dogecoin declined over 5% to $2,181 and $0.19 respectively. Other cryptocurrencies like XRP, Litecoin, Cardano, Uniswap also plunged in the range of 4-7% over the past 24 hours.
Amazon's job listing says the company is looking for “an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap."
In a statement, Amazon rejected as “fabricated" a report that said it would be accepting payments in cryptocurrency by the end of the year, and that it could launch its own digital coin in 2022. But it did acknowledged that is exploring what the use of cryptocurrencies would look like on Amazon.
Cryptos have been moving in the upwards trend since the past few days after comments from Ark Investment Management LLC’s Cathie Wood and Tesla Chief Executive Officer (CEO) Elon Musk helped boost its momentum.
Elon Musk at “The B Word" conference, said he wants Bitcoin to succeed and that his space-exploration company SpaceX Inc. owns some. Star investor Cathie Wood said corporations should consider adding Bitcoin to their balance sheets, while Square Inc. CEO Jack Dorsey said the coin is resilient.