Amazon Denies Bitcoin Payment Report, Sends BTC into a Tailspin

Bitcoin fell below $37,000 after it became clear that was not going to accept Bitcoin as a means of payment.

July 27, 2021, | AtoZ Markets – The news that the retail giant intends to include Bitcoin in its payment options turned out to be stuffing. In a comment to Bloomberg, the company officially denied rumors that it sent cryptocurrency above $40,000.

Amazon is interested in Bitcoin, but not in a hurry

According to the press service of Amazon, the company is studying the potential of the cryptocurrency, but has no specific plans for the use of digital currencies yet.

We are interested in this technology, but the rumors surrounding our plans to use cryptocurrencies are wrong. So far, we are only exploring the possibilities of this technology for buyers on Amazon, "- said a spokesman for the company in an email.

At the same time, the retailer acknowledged that cryptocurrencies attract young and tech-savvy buyers, and new technologies can make payments cheaper and faster.

We are inspired by the innovations that are taking place in the cryptocurrency industry, and we are thinking about how to use them at Amazon. The future will be built on new technologies that make payments faster and cheaper, and we hope that for Amazon customers that future will come very soon,” the company said in a statement.

Amazon gave, Amazon took

Rumors that Amazon would accept Bitcoin payments appeared on Monday, July 26. London-based business daily City A.M., citing an anonymous insider, reported that the retailer plans to add support for Bitcoin payments by the end of the year and issue its own token in 2022.

Earlier, there were rumors on the market that Amazon intends to release its own cryptocurrency. Industry participants came to this conclusion after the company opened a vacancy for a software development manager for a digital payments project.

As a result, Bitcoin jumped to $40,593 on Coinbase. On the Binance Futures futures platform, the cryptocurrency briefly climbed to the $48,000 mark. The massive growth triggered a massive liquidation of short positions in the amount of $100 million.

However, after Amazon denied rumors of its intention to accept payments in bitcoins, the market crashed below $37,000 and tested at least $36,700. In a matter of hours, the flagship cryptocurrency fell by almost $4,000. At the time of writing, BTCUSD is trading at $37,313.

BTC/USD. TradingView Chart

The turn of long positions has come. According to ByBit, over the past 12 hours, the Bitcoin market has lost more than $250 million in positions, of which more than 60% are long.

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