Bitcoin Price Nears $40K As Amazon News Breaks, Why This Could Just Be The Beginning Of The Rally

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Bitcoinist reported earlier the rumors of an insider in Amazon confirming the company might be integrating bitcoin on its platform. Following on this news has been the massive run-up of bitcoin price. In the past 24 hours, bitcoin’s price has gone up a whopping 12%. Breaking $39,000 on exchanges like Coinbase. But not quite breaking $40,000.

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The price of the digital asset does not seem to be slowing down. As the price remains firmly in the green so far. Continuing to show upward momentum. With the rumors still waxing hot in the market. Bitcoin price shows more promise with bullish trends continuing. And overall market sentiments now skewing into the positive.

Amazon To Integrate Bitcoin Payments

Rumors last week circulated that Amazon planned to integrate bitcoin payments on its platforms. This came after the e-commerce giant had posted that it was looking for a Digital Currency and Blockchain Product Lead. The job posting led to investors speculating that Amazon must be looking to add cryptocurrencies as a payment option.

The earlier reports had shown that Amazon was looking to explore the blockchain industry. A spokesperson for the company saying the company was inspired by the innovation happening in the space.

Bitcoin price chart from TradingView.com

BTC price continues to trend towards $40,000 | Source: BTCUSD on TradingView.com

The role of the Digital Currency and Blockchain Product Lead would see the company’s digital currencies and blockchain strategy developed. This incredibly bullish news has sent the market into a frenzy. Crypto prices across the market continue to respond positively.

Why This Could Just Be The Beginning

It’s speculated that the price uptick of bitcoin is only temporary. Responding only to the news coming into the market as investors buy the hype. But this might not be the end of the present rally. Market sentiments seem to be turning in favor of the crypto market. With personalities like Elon Musk coming out to confirm that they indeed held a “significant portion” of their investment portfolios in bitcoin.

Institutional money still continues to go into the digital asset. Only recently was it reported that Cathie Wood’s Ark Invest had put in another $10.8 million into Grayscale Bitcoin Trust. With the CEO saying that she believed the price of bitcoin would shoot up to as high as $400,000.

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As faith returns to the market, more investors are putting money back into the market. Shorters continue to take massive losses as they rush to liquidate their short positions. And the bulls seem to have regained control of the market prices so far.

News of adoption continues to be a positive catalyst for the markets. If bitcoin continues on the current trend path, then we might see the price of the digital asset break $40,000 before the day is over.

Featured image from Finextra Research, chart from TradingView.com

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