How Amazon’s Job Posting Seen Bitcoin Above $40,000

By | August 4, 2022

“We are inspired by the innovation happening in the cryptocurrency space and exploring what it looks like on Amazon,” the company said in a statement.

How Amazon's Job Posting Seen Bitcoin Above $40,000

How Amazon’s Job Posting Seen Bitcoin Above $40,000

Bitcoin climbed above $40,000 for the first time since June as a flurry of short-covering intensified a rally fueled by speculation over the involvement of Amazon.com Inc. in the crypto industry.

The job posting from the retail giant seeking an executive to develop the company’s “digital currency and blockchain strategy” raises questions among analysts as to whether the move could eventually lead to Amazon accepting bitcoin as a payment method. .

As the biggest digital token to profit from speculation, investors rushed to cover bearish bets fueling the rally, with the coin rising 17% to $40,359 on Monday, its highest since June 16. is level. According to data from Bybt.com, more than $950 million in crypto shorts were liquidated on Monday since May 19.

“The jump rate was probably driven by short-leveraged shorts,” said Vijay Iyer, head of Asia Pacific at crypto exchange Luno in Singapore, adding that rumors about Amazon may also have played a role.

Meanwhile, Bloomberg News reported on a US investigation. Tether leads whether the executive behind the token committed bank fraud. Ether is up more than 11% ahead of an August 4 upgrade that slashed the number of tokens in circulation by eliminating some of them when used to trigger transactions on the world’s most widely used blockchain. will reduce

The musical mood has definitely changed over the past week,” said Antoine Tranchev, managing partner and co-founder of Nexo, a crypto lender. “Has the tide turned now?”

Monday’s surge revived crypto markets after being mired in a downturn for months. On Binance, the largest crypto exchange, bitcoin perpetual contracts surged up to 30% in an hour in early New York trading, indicating extreme volatility in one of the coin’s most liquid derivatives.

Bitcoin has had low volatility since mid-May and enthusiasm for crypto has waned amidst criticism of a regulatory action in China and its adverse impact on the environment.

CoinDesk reported on an Amazon job posting last week.

“It is great to see bitcoin rally 10% overnight and it is clear that there has been a spectacular improvement in general market sentiment over the past few days,” said Lucas Lagoudice, executive director of digital asset hedge fund ARK36. “However, investors should proceed with caution and avoid overtrading, as liquidity remains relatively low as we approach the holiday season.”

Some technical signs indicate that the coin is moving very fast. Although Monday’s price rally pushed bitcoin above the 50-day EMA, the coin failed to break the key $40,000 level during the bull run. It also breaks the upper trading range of its trading envelope – an indicator that smooths the moving averages to chart the higher and lower limits – indicating a revised average. For many, the next major hurdle is the 100-day SMA near $40,700, followed by the 200-day SMA.

Bitcoin’s 20-day and 50-day moving average recovery is off to a healthy start for Trenchev. “I would now like to see BTC move above $40,000 and then above the 200-day SMA – which is a little below $45,000 – before we can start to rest properly again,” he said. said.

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