Bitcoin’s Price Topped Post Amazon’s Speculated Entry

As per the trusted sources of information, the Price of Bitcoin’s has risen on Monday to hot USD 40,000, which is majorly due to the traders exiting bets on the decline along with the ongoing speculation over Amazon.com Inc.’s potential entry in the cryptocurrency sector.

There has been a rise in Bitcoin’s shares by around 15% to reach the value of USD 39,68, before reaching the point of USD 38,100, at 10.58 am in Hong Kong. Further, other coins such as Ether and others also witnessed a rise.The head of Asia Pacific at crypto exchange Luno in Singapore further stated that the steep jump is a result of the over-leveraged shorts along with the rumors of Amazon being the potential operator in the industry also added to its growth.

As per the reliable sources of information, the tech giant Amazon advertised a job vacancy for a digital currency product lead, which led to the speculation that the company is likely to accept digital coins for transactions. Further, the positive comments by Elon Musk as well as from the Ark Investment Management LLC’s Cathie Wood have also positively impacted the hike in the price.

Further, through the weekend, the price of bitcoin reached its 50-day moving average, which is considered a positive trend by several traders. Over USD 700 million of the bitcoin shorts have been liquidated on Monday, which is the highest of any day in at least the last three months, as suggested by cryptocurrency experts.