Bitcoin Drops To $38K After Amazon Retraction On Accepting BTC Payments

Christian Encila

3 years ago

3 mins read

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The king of cryptocurrency is suffering another meltdown at a 3.3% drop in just 24 hours. Bitcoin is currently trading at around $38,210 which is the lowest so far since March of this year when US President Joe Biden signed an executive order on crypto regulations.

Although the BTC price went up at $40,800 on Tuesday, it slid momentarily afterward.

Amazon Denies Speculation About Accepting BTC Payments

Amazon’s retraction against the mass speculation that the retail giant will be accepting BTC payments was the main causative factor of the sudden drop. Ether was even pushed further down as well.

BTC price went straight up when Amazon announced a job advertisement connected to crypto. However, a couple of hours later, an Amazon spokesperson denied claims that Bitcoin will be added as a payment method this year.

Bitcoin peaked at around US$40,545 as the investors rushed with their bets with the speculation of a bearish stride. There were over $950 million of crypto shorts liquidated which is the highest since May of the current year.

The Multi-Wave Correction

The volatility experienced by Bitcoin and all other cryptocurrencies is referred to as a multi-wave correction. It peaked around April and it’s expected to rebound to a maximum of $45,000 before it slides again.

The rollercoaster ride of BTC is part of that correction. The crypto industry suffered a massive decline after reaching a record high of $65,000 because of a bombardment of environmental and regulatory issues.

BTC total market cap at $751.41 billion on the daily chart | Source: TradingView.com

This week’s frantic moves of BTC and other tokens are expected. Meanwhile, investors are looking at the next big wave that can break the BTC out of its sob trading range of a meager $30,000 to $40,000 in the past few months.

Where’s Bitcoin Headed?

The risk level is a bit higher this week because the Federal Reserve is set to announce its decision come Wednesday.

More so, news on the investigation regarding alleged bank fraud committed by Tether executives has put the crypto space hanging.

BTC investors have been grappling with inflation, environmental, political, and economic concerns, especially with the Fed. The inflation rate that happened in March this year is by far the worst inflation rate compared to what transpired in 1981.

Multiple factors combined have been impacting volatility in both the stock and crypto markets.

The current price range is said to be a middle ground for Bitcoin as its performance will determine how everything will play out in the next few days. Would it be bullish or bearish? BTC performance at this range will give people a clue about where it’s going.

Featured image from The Facts Chronicle, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.