Bitcoin price shot up 12% in an hour earlier today to record a new monthly high of $39,230 and currently looking to break out of the two-month-long price zone. The top cryptocurrency has been moving between the $30K-$40K price range since the market crash in May. BTC also broke past key resistance of $38,300 and is currently looking to conquer the $40K mark.
The price pump is believed to be a result of rumors about Amazon planning to accept Bitcoin. As per an insider report, Amazon may add Bitcoin payment by the end of this year and might launch a token of its own by 2022. The news definitely had a part to play in pulling Bitcoin out of its month-long price slumber and help it begin the next leg of the bull season. Amazon’s rumored Bitcoin payment addition could very well put Tesla Bitcoin FUD to rest.
When Tesla first announced it would start accepting Bitcoin as a payment for its cars, BTC price saw a significant pump. However, just a couple of months after the announcement, Musk dismissed the BTC payment option citing environmental concerns. The news along with the Chinese crackdown wiped 50% of BTC’s valuation from the top. However, if Amazon does start accepting Bitcoin by the end of this year, Tesla’s Bitcoin FUD would be a thing of the past.
Amazon is the biggest online retail market with over 200 million Prime subscribed members by the first quarter of 2021. It also boasts 197 million monthly visits on its platform and its market share of customers is only rising. While Paypal’s Bitcoin integration opened the gates for BTC payment for millions of users, Amazon would help people spend their Bitcoin to buy anything.
Musk who was notorious for moving the crypto and Bitcoin prices has lost the impact over the past few months. This was visible during the B-Word conference where he made many pro-Bitcoin revelations and announcements including Tesla looking to restart the BTC payment option and SpaceX holding Bitcoin on its balance sheet, but despite the magnitude of the event, and the announcements, BTC price didn’t move much. Amazon Bitcoin payment addition would only make Tesla FUD irrelevant.
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