Bitcoin falls as Amazon denies accepting BTC as payment.

World's biggest e-commerce platform Amazon.com has denied reports saying the e-commerce giant is looking to accept Bitcoin payments by the end of the year.

Earlier, a report from London’s City AM newspaper, citing an unnamed “insider,” reported that Amazon might be looking to explore bitcoin payments, which sent the world’s biggest cryptocurrency up as much as 14.5 percent before it trimmed gains to last trade 6 percent higher at $37,000. Bitcoin had briefly reached above $40,000 on Monday after the news broke. Elon Musk had also revealed that SpaceX also owns bitcoin. 

 

Amazon denies exploring crypto payments. 

A spokesperson from Amazon said on Monday, “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. “We remain focused on exploring what this could look like for customers shopping on Amazon.” The company had posted a job opening for a digital currency and blockchain product lead on July 22. This job posting from the retail giant had stirred questions among analysts over whether the move could eventually lead to Amazon accepting Bitcoin as a method of payment. However, Amazon denied that they are exploring crypto payments.

 

Amazon’s denial sent Bitcoin tumbling below $37,000. 

Amazon’s denial sent Bitcoin tumbling below $37,000 while rival coins including Ether and Litecoin also fell. Investors rushing to cover bearish bets had fuelled the earlier rally that drove the cryptocurrency at one point up more than 17 percent on Monday to $40,545, its highest since June 15. As reported earlier, more than $950m of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com. Recently a growing number of companies have started to accept cryptocurrencies for payment, bringing an asset class until recently shunned by major financial institutions closer to the mainstream.

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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