Amazon News Shoots Bitcoin (BTC) Price By 15%, Over $640 Million of Short Positions Liquidated

By Bhushan Akolkar
Published July 26, 2021 Updated July 26, 2021
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Amazon News Shoots Bitcoin (BTC) Price By 15%, Over $640 Million of Short Positions Liquidated

By Bhushan Akolkar
Published July 26, 2021 Updated July 26, 2021

Bitcoin (BTC) has skyrocketed 15% today moving all the way past $38,500 in a strong bounce back. The news that e-commerce giant Amazon is working to integrate Bitcoin payments at their end has brought all the fireworks.

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At press time, Bitcoin (BTC) is trading at $38,315 with a market cap of $719 billion. Over $640 million of short positions have been liquidated in just the last one hour. Citing data from Bybt.com, Chinese journalist Colin Wu reported:

“Today’s liquidation volume has exceeded 800 million U.S. dollars, and the main short order has been liquidated. The short order liquidation amount in the past hour reached 640 million U.S. dollars, which is the largest single-day liquidation volume in more than two months”.

Courtesy: Bybt

Insider Sources: Amazon to Integrate Bitcoin Payments

Last Saturday, July 25, CoinGape reported that Amazon is looking to hire a product lead for its crypto and blockchain division. In a further development, an insider source told the City AM news publication that Amazon is ‘definitely’ looking to launch Bitcoin and crypto payments by the end of this year. The source said:

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work. It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top…”

By the very top, the source meant that it’s coming from Jeff Bezos himself. Interestingly, the executive added that the project is “pretty much ready to roll” but won’t be just exclusive to Bitcoin. The Amazon executives are currently exploring the possibility of integrating payments for some of the top ten cryptocurrencies.

“Ethereum, Cardano and Bitcoin Cash will be next in line before they bring about eight of the most popular cryptocurrencies online. It won’t take long because the plans are already there, and they have been working on them since 2019”, the source said.

Amazon’s Native Crypto Token

The source added that, in the final stage of the project, Amazon will launch its own native crypto token. In a move towards “tokenization”, Amazon will experiment with crypto payments on its platform. The source noted:

This then becomes a multi-level infrastructure where you can pay for goods and services or earn tokens in a loyalty scheme. There’s little more to it, for now, but you can guarantee the Bitcoin plan will be monitored closely as opportunities with Amazon’s own version of a crypto will be explored.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Bhushan Akolkar
715 Articles
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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