Amazon hints to step into the crypto market

Amazon will soon integrate crypto payments on its platform
  • Crypto market is gaining back its bullish momentum
  • Amazon’s hints of stepping into the blockchain ecosystem have bolstered the digital assets
  • Amazon might integrate cryptocurrency payments on its platform
  • Like celebrity words, the digital assets are also behaving with news and traditional market’s sentiment

Crypto market shows some sign of resemblance after facing a period of heavy turbulence. Since the mid-May crash, Bitcoin was trading in the range of $35k-$40k price level. However, last week, some celebrity words helped the coin gain its bullish momentum. Since then, several investors and traders in the crypto market have been found to be bullish. In such a recovery period, amazon took the headlines in the cryptosphere. It is revealed that the e-commerce and tech giant seeks to be at the cutting edge of the new digital secure payments system.

Amazon to dip its toe into cryptosphere

The mighty Amazon Web Services (AWS) is providing scalable and inexpensive cloud computing services. However, the firm has a vacancy for blockchain specialists. Such specialists will list digital currency and blockchain projects. Unsurprisingly, the technology giant seems seeking to be at the cutting edge of crypto payments technology. Indeed, AWS is planning to establish a new virtual currency. 

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The hiring announcement has led to heightened speculations that crypto payments could be integrated into its platform. Moreover, the firm might also accept payments in the form of current crypto kids. 

Crypto market reacts to every nugget of news

The crypto market is infamous for its speculative and high risky price fluctuations. Still, the proponents are making some surprising gains by jumping on the cryptocurrency wagon. It is almost impossible to predict the prices in the scenario. It is observed that the individuals in the cryptosphere salivate every piece of news regarding the futures and use cases of such projects.

As the news began to spread across the world, the prices in the crypto market began to skyrocket. In just 24 hours, Bitcoin and Dogecoin rose by 11%, whereas Ethereum surged by 8%.

Celebrity words can impact prices

Since the beginning of this year, the crypto market has witnessed tremendous growth until the mid-May crash. However, it is clearly witnessed how Elon Musk, the CEO of Tesla and SpaceX, has helped Dogecoin to gain thousands of percent. Following the scenario, cryptocurrency fans are hanging on every word of Elon Musk. 

Last week, Musk hinted that Tesla would again begin to accept Bitcoin as payments soon in the B-Word conference. Hence, like every time, the prices soar again.

Financial market’s sentiments impact the digital sphere

Comparing the crypto market behavior with the financial market shows that digital assets primarily follow the sentiments in the traditional financial world. For example, amid the global COVID-19 pandemic, we observed that the entire stock market was down significantly. Yet, at the time, cryptocurrencies were achieving new highs. 

However, the volatility of cryptos remains stark, making an uncertain landscape ahead. On the other hand, Central banks are exploring issuing their own national digital currency. Indeed, although the market shows potential, investors should speculate before risking their hard-earned funds.

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Ahtesham Anis
Ahtesham Anis is a Computer Science undergrad student currently based out of India. Coming from the business background and his keen interest in Cryptocurrency and Blockchain technology is what Ahtesham brings to the table. He is always an eager learner when it comes to exploring the new technologies and topics in the crypto world.

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