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Bitcoin Rises Above $40,000 as Shorts, Amazon Job Ad Fuel Rally
Posted
July 26, 2021
Views
655
Likes
8
Engagement
1.22%
July 26, 2021
655
8
1.22%
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1:59Now PlayingBitcoin rose above $40,000 for the first time since June as a flurry of short-covering intensified a rally apparently sparked by speculation over Amazon.com Inc.’s involvement in the crypto industry.
A job posting from the retail giant seeking an executive to develop the company’s “digital currency and blockchain strategy” stirred questions among analysts over whether the move could eventually lead to Amazon accepting Bitcoin as a method of payment.
As the largest digital token gained on the speculation, investors rushing to cover bearish bets fueled the rally, with the coin at one point up more than 17% on Monday to $40,545, its highest since June 15. More than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.
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