After a show of weakness in early July, major cryptocurrencies did well this week. Bitcoin is moving towards $40,000, while Ethereum is trading at $2,280.
Bitcoin crypto prices are up for the last seven trading days. The bullish trend in the crypto market cap comes after speculative remarks on Amazon were made in the crypt market.
Bitcoin Surges on Crypto Payment Acceptance by Amazon
Speculation that Amazon might accept cryptocurrency coins for purchases has put the crypto market in the green.
Talks were on that the e-commerce giant plans to accept Bitcoin as payment. But the speculative rumours were just based on an interest in the crypto sector, says Amazon spokesperson.
An unidentified person had said that Amazon is entering the crypto sector. However, "It was based on a job posting by Amazon for a person with Blockchain skills and knowledge of digital currency", said the spokesperson.
Amazon is one of the top e-commerce players in the world. It handles a major part of e-commerce transactions, amounting to billions of dollars per annum. Speculative reports on the e-commerce giant's entry into the crypto space caused large swings in Bitcoin prices.
When the speculative report on Amazon accepting crypto payment was released, Bitcoin prices went up by almost 14% on Monday.
Amazon Declines Interest in the Crypto Space
Bitcoin slipped briefly to below $30,000 on July 20, 2021. However, the top cryptocurrency surged to above $40,000 early this week.
It is just a rumor, says Amazon spokesperson. The spokesperson firmly denied that Amazon had plans to bring in crypto payment into its system.
Amazon says that it has no plans to accept Bitcoin payment by the end of the year. "We were exploring what it would be if customers paid with digital tokens while shopping on Amazon", says Amazon spokesperson. They are just speculative remarks, says the spokesperson.
The crypto market saw a sharp rally on news that Amazon was ready to enter the crypto market. Bitcoin, Ethereum, and other token prices surged higher.
But once Amazon denied reports, Bitcoin crypto prices fell from $40,000 to $36,000, a fall of almost 10%. Crypto news impacts cryptocurrency market prices, which brings in volatile moves.
Major Players in the Crypto Market
Visa accepts the cryptocurrency USD coin for payment on transactions. The pilot program to accept payment in crypto is a giant step in the crypto market. The cryptocurrency prices of the USD Coin are pegged to the US Dollar.
Other major financial firms like BlackRock In, BNT Mellon, and MasterCard Inc. accept digital coin payments through altcoins. PayPal had announced that it encourages crypto payment through Venmo. Silvergate Bank was one of the early adopters of crypto payments. BNT Mellon has also accepted cryptocurrency services along with banking. There is increasing demand from people across the world to use digital currencies. It attracts new users and new companies into the cryptosystem.
Many large companies are also showing interest in the crypto space. Companies are willing to accept the payment of Bitcoin and other cryptocurrencies. PayPal and Xbox are other companies accepting bitcoin. New cryptocurrency tokens are attracting new users, especially as cryptocurrency prices have large volatile swings. They are willing to invest and buy altcoins.
Tesla CEO Elon Musk announced early this year that it would accept bitcoin as payment for its vehicles. But within two months, it denied the crypto payment, stating that the digital currencies are disrupting the environment with their massive use of electric power. It is one of the causes of global warming, says CEO Musk. Elon Musk is a crypto news driver whose every tweet drives the crypto prices up or down.
Last week, Musk again tweeted that he considers accepting cryptocurrency as payment. Environmental issues have come down, he says, showing interest in investing in cryptocurrency.
Companies are showing interest in digital payment as more investors adopt cryptocurrencies. Fast-food chains and auction houses are willing to embrace cryptocurrencies.
Crypto currencies saw a quick surge to lifetime highs in March, with Bitcoin prices shooting up to $60,000, with many users showing interest in investing in cryptocurrency. Investors with smaller investments wonder what cryptocurrency to invest in and prefer XRP and Dogecoin.
Top cryptocurrency Bitcoin prices are back at $40,000 levels on Thursday, July 29. Other major crypto currencies Ethereum, Cardano, XRP, BNB, and Dogecoin, saw a rise in prices. Major cryptocurrency exchanges that investors prefer are Coinbase and Binance. However, cryptocurrency exchanges like Stats and Quick Facts charge low fees for transactions.
Bitcoin prices shot up almost 30% from price rates last week. Retail investors are showing interest in cryptocurrencies, which is another reason for increasing trading volume in most exchanges, say experts. Investors show a willingness to buy cryptocurrency as they yield high profits.
The global crypto market cap on July 28 is at $1.54 trillion. Bitcoin cryptocurrency prices were at $39,800, and Ethereum crypto currency prices were at $2,3100.
New cryptocurrency coins that attract new investment in July are SXP, Aave, Dash, and Kava.