Bitcoin Surges to $40,000 on Amazon News

Bitcoin has surged higher in early Asian trading, hours after news that Amazon is getting set to accept the cryptocurrency as a form of payment.

After a long period of bad news for BTC the last week has started to turn things back into one that is a lot more positive.

So far, there have just been ‘insider reports’, that Amazon is ready to accept Bitcoin and that appears to be the catalyst for the big push higher we’ve seen.

This time last week, price was dropping heavily under $30,000, but since then we have only had a sea of green. We also heard from the likes of Jack Dorsey during the week as well, who was also positive on BTC.

Much of the Amazon speculation dates back to a post on a jobs board looking for a digital lead focused on cryptocurrency. So at this stage, it does appear to be just speculation.

To play devil’s advocate, Bitcoin wouldn’t be my first choice as a form of payment, given the high transaction costs and slow speeds. But it is well known if nothing else.

Looking at the charts, price has tagged $40,000 and has since fallen away.

ABOUT THE AUTHOR See More

Rowan Crosby

Asia-Pacific Analyst

Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.

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