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Bitcoin Holds Up Despite Amazon Rumors

Bitcoin Holds Up Despite Amazon Rumors

Amazon has rejected rumours that it would embrace cryptocurrencies, infuriating investors, but Bitcoin whales have taken advantage of the drop.

Bitcoin has seen some volatility after a prolonged period of inactivity. Despite the fact that the current price increase is based on speculation, on-chain data indicates that Bitcoin is seeing sufficient purchasing pressure to hit new highs.

Bitcoin Holds Up Despite Amazon Rumors

Speculators are on the lookout for the next catalyst.

Despite recent market turbulence, Bitcoin seems to have a bright future.

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    The commodity’s value soared after reports emerged online on Monday that Amazon will begin accepting bitcoin payments. The storey was first reported by City A.M. and quickly spread to other news organisations.

    When the storey spread, speculators raced to Bitcoin exchanges to purchase the cryptocurrency, despite the fact that no official sources had verified the information. As a result of the unexpected spike in purchasing demand, the flagship cryptocurrency increased by more than 18 percent to a high of $40,570.

    Amazon disputed the City A.M. report shortly after Bitcoin crossed the $40,000 threshold, saying that it will not accept Bitcoin payments this year. “While we are interested in the space, speculation about our specific plans for cryptocurrencies is untrue,” an Amazon spokesman stated.

    “We’re now examining the effect of this on Amazon consumers that buy there.”

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      The top cryptocurrency fell 10.25 percent in the aftermath of Amazon’s announcement, reaching a low of $36,400. Individual investors expressed worry as a total of almost $284 million in liquidations occurred across the board.

      Whales Benefit from a Bitcoin Discount

      Despite yesterday’s volatility pump and dump, it seems as if Bitcoin is well-positioned to continue its upward trajectory.

      According to IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, Bitcoin’s sole supply bottleneck is between $37,350 and $38,420. Approximately 745,000 addresses already bought 500,000 BTC.

      A daily candlestick close over this key resistance level may propel the stock past $46,000, all the more so given that whales have been purchasing it at a bargain. Santiment, a behaviour analytics tool, reports that addresses with 100 to 10,000 BTC have acquired about 40,000 BTC over the last ten days.

      At the time of writing, BTC is worth $37,386 and has a market capitalization of about $701.7 billion.

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