Bitcoin jumps 15% as UK-based newspaper reports Amazon to accept payments in cryptos

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Bitcoin jumps 15% as UK-based newspaper reports Amazon to accept payments in cryptos

On Monday, as market participants around the world have been bracing for this week’s US Federal Reserve policy meet for further clues on US monetary policy, bitcoin alongside other crypto assets had strongly gained ground as short-sellers seemed to have taken a breather, while a media report hinting that the world’s largest online retailer, Inc., might look to accept bitcoin as a payment method by end-2021 had ramped up crypto traders’ optimism.

In point of fact, Monday’s blowout gains in crypto assets that sent Ethereum to a three-week high and soared bitcoin, the original cryptocurrency, as much as 15 per cent, came against the backdrop of a number of upbeat comments about the digital assets made last week.

Tesla Inc boss Elon Musk said last week that the e-vehicle maker might again accept bitcoin as a payment method once the digital asset could curb the usage of electricity that crypto miners usually consume, while Twitter Chief Executive Jack Dorsey had said in a statement that the digital asset would likely to play a ‘big part’ in the microblogging platform’s future, lifting the crypto asset from a below-$30,000 level.

Adding further bullish wing, a London-based newspaper City AM had reported on Sunday that Inc. had been on the lookout of accepting bitcoin as a payment method, eventually leading to a blistering rally in crypto assets that would seemingly test the recent highs.

Bitcoin jumps 15% after report that Amazon might use it as a payment method

Citing statistics, as of Monday’s late-afternoon US trading hours, bitcoin was last trading 11.78 per cent higher to $38,459.3 after hitting a session high of $40,600.5 earlier in the day, while Ethereum climbed 7.62 per cent to $2,319.0 and Litecoin gained 7.96 per cent to $134.1.

Meanwhile, addressing to a generalized bullishness in crypto market lately, a global head of trading at digital asset platform OSL, Ryan Rabaglia said, “Over the last five trading sessions we've seen general near-term bullishness in the market, driven by key technical, as well as recent positive comments.

With a record $1.2 billion in shorts liquidated over the past 24 hours, the outlook and momentum for the week ahead is positive”.