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Why is Bitcoin (BTC) price up 15%?

Source: https://bit.ly/3BKba2O

Bitcoin (BTC) is up 15% today, surpassing $38,500 in a strong bounce, bringing the total market capitalization of Bitcoin close to $1 trillion.

Alternative currencies, for their part, reacted to the rise in the price of Bitcoin as well and rose in varying proportions, bringing the total market value of the crypto market in general by 10% and exceeding $ 1.5 trillion.

Why is Bitcoin (BTC) price up 15%?

News has spread like wildfire that e-commerce company Amazon is working to integrate Bitcoin payments.

At the time of writing, Bitcoin (BTC) is trading at $38,715, and following the rapid rise in the price of Bitcoin over $640 million short positions were liquidated in just an hour.

Citing data from “Bybt.com”, he said Chinese journalist , “Colin Wu” by saying:

Today’s liquidation volume exceeded $800 million, and orders for short positions were liquidated.

The one-hour short liquidation volume reached $640 million, the largest one-day liquidation volume in more than two months.

Insider sources that Amazon is working on integrating Bitcoin payments:

In another development, an Amazon source told the news agency City AM that Amazon is looking to launch and unlock payments in bitcoin and cryptocurrency by the end of this year.

What was stated in the “City AM” report also included the following:

This is not just about suggestions for setting up cryptocurrency payment solutions sometime in the future, this is a whole and good part of the discussion and an integral part of the future mechanism of how Amazon will operate.

According to the aforementioned source, “Jeff Bezos” himself supports innovation, and Amazon is pursuing any path that leads to that.

The same spokesperson added that the project is fully operational, but it will not be limited to Bitcoin only.

Amazon executives are currently exploring the possibility of integrating payments for some of the top 10 cryptocurrencies.

Ethereum, Cardano, and Bitcoin Cash will be next in line, followed by eight of the most popular online cryptocurrencies.

It won’t take long because the plans are already in place, and they’ve been working on them since 2019, according to the same source.

He added that in the final phase of the project, Amazon will launch its own digital currency.

In a move towards “tokenization,” Amazon will test cryptocurrency payments on its platform.

The source stated:

This then becomes a multi-tiered infrastructure where you can pay for goods and services or earn cryptocurrency in a loyalty scheme.

The news affected the crypto market positively and made Bitcoin jump and approach the $40K level.

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