Amazons denies the acceptance of Bitcoin and sends it to falter | Economic and business news

A job posting for a digital currency leader drove Bitcoin to over $ 40,000 on Monday, its highest level since June 15.

Amazon.com Inc denies a media report that the e-commerce giant plans to accept bitcoin payments by the end of the year.

The report by the London City AM newsp -er, citing an unnamed “insider”, caused the world’s largest cryptocurrency to rise by up to 14.5 percent before reducing profits to a recent 6 percent higher at 37,684.04 US dollars.

“Despite our interest in space, the speculation that has arisen about our specific plans for cryptocurrencies is not true,” said an Amazon spokesman on Monday. “We continue to focus on researching what this might look like for customers who shop on Amazon.”

The company posted a job posting for a digital currency and blockchain product manager on July 22nd.

On Monday before, the retail giant’s job posting had raised the question of whether the move could ultimately lead to Amazon accepting Bitcoin as a means of payment.

The company’s rejection dropped Bitcoin below $ 37,000, while competing coins like Ether and Litecoin also fell.

Investors rushing to cover bearish bets had fueled the earlier rally, which rose the coin more than 17 percent on Monday to $ 40,545, its highest since June 15. More than $ 950 million in crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.

“The shorts piled up as we moved down, assuming we were expecting a minimum of $ 25,000, which was widely expected,” said Vijay Ayyar, head of Asia Pacific at Luno crypto exchange. “But then there was a strong accumulation in the range of $ 29,000 to $ 30,000 that unsuspectingly c -tured many of these shorts, leading to the upward trend.”

Bitcoin’s current price volatility is part of a broader multi-wave correction since it hit a record in  -ril, Ayyar said. Price could rally to as high as $ 45,000 in the short term before another potential decline could complete the correction, he said.

“We’re still seeing the effect of the correction,” he added.

A growing number of companies have begun to accept virtual currencies as a means of payment, bringing an asset class that until recently was shunned by large financial institutions closer to the mainstream.

Last week, Elon Musk, chief executive officer of Tesla Inc, said the electric car maker will most likely accept bitcoin as payment again once it does due diligence on the amount of renewable energy used to mine the currency.