The flagship cryptocurrency has seen another collapse, falling 3.3% in a 24-hour period. Bitcoin (BTC) is currently changing hands at roughly $39,661, after it plummeted to $38,210, its lowest level since Joe Biden, the US President, published an executive order regulating cryptocurrencies last month.
Amazon’s reversal in response to widespread conjecture that the retail behemoth would accept Bitcoin (BTC) payments was the primary driver of the rapid decline. Ethereum (ETH) was also driven lower as a result.
Once Amazon revealed a crypto-related job posting, the price of Bitcoin (BTC) immediately increased. However, after a few hours, an Amazon official disputed speculations that Bitcoin (BTC) would be integrated into the company’s payment options in 2022.
Bitcoin (BTC) reached a high of roughly $40,545 as speculators hurried to place their wagers on the rumor of a bearish sentiment. More than $950 million in cryptocurrency shorts were sold, the most since May.
The overall risk is slightly greater this week due to the Federal Reserve’s scheduled announcement. Additionally, reports of an investigation into potential bank fraud by Tether management have left the cryptocurrency industry in limbo.
Bitcoin (BTC) investors have been concerned about inflation, the environment, politics, and economics, most notably the Federal Reserve, as the rate of inflation that occurred in March has been the worst ever seen from 1981 to date.
Numerous variables have worked to increase volatility in the stock and cryptocurrency markets. The present price range is considered a middle area for Bitcoin, (BTC) as movements will dictate how the following several days unfold.