Bitcoin: Amazon rumors drive up cryptocurrency price – economy

If you want to pay with the digital currency Bitcoin in the financial center of Frankfurt, you will quickly find yourself in Ranieri Sciarra’s Focacceria. Take out your cell phone, pay in Bitcoin, everything is done quickly. However, Sciarra is a trailblazer even in the financial city, as hardly any other company accepts digital currency. A gym, a printing house, a photo studio. Much more is not possible.

Now, however, a trading giant could make the old anarcho currency Bitcoin socially acceptable: Some financial experts are speculating that Amazon, of all people, could enter the digital currency business. Will the digital giant soon accept Bitcoin? Will Amazon even create its own digital currency? Nothing is official yet, but rumors are already being heard. Because the specialized services recently stressed that the group was looking for a digital currency strategist via a job offer.

Those rumors catapulted the price of Bitcoin on Monday: At its peak, digital currency soared eleven percent to $ 39,748. “The smoldering rumor mill about Amazon’s possible entry into the industry is bringing water to the investor mill,” said crypto expert Timo Emden of analyst firm Emden Research. However, investor euphoria was not enough to break through the $ 40,000 mark. Because in reality it is above all a pronounced pessimism which was responsible for the rise in prices.

On Monday alone, traders ended betting on falling Bitcoin prices by around $ 970 million

Previously, investors had finally bet heavily on the fall in the price of digital currency. But the more the price increases, the more expensive these bets become for many market players. The subtle irony here: in order to quash their collapse speculations, genuinely pessimistic investors must also buy Bitcoin. On Monday alone, traders ended betting on the Bitcoin price drop of around $ 970 million, according to data from the analysis platform Bybt. “There is no other way to explain the rise in prices this way,” says market expert Timo Emden.

It remains to be seen whether Amazon will actually accept Bitcoin. It’s clear, however, that the tech company has had financial ambitions for years. For example, US customers of the Amazon Cash service can deposit money in stores and have it credited to their Amazon account. With the Amazon Lending service, merchants can obtain a loan on the platform from ING Bank. And in recent years, there have been rumors that Amazon may offer its own account with US bank JP Morgan.

Or does the group even end up issuing its own digital currency? Internet sites such as amazoncoin.com are already redirecting users to the Amazon homepage.

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