• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play GamesTry
  • Bet & WinTry
  • Bitcoin Casino ReviewsTry
No Result
View All Result
NewsBTC
No Result
View All Result
Bitcoin
Nexo Logo

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

Jet Encila by Jet Encila
4 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 3 mins read
Advertisement

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.

Suggested Reading | Bitcoin (BTC) Dips Below $40,000 Over Ukraine And Possibility Of Fed Rate Hike

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

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.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

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.

Read our comparison of 50 different crypto casinos. Find out who has most generous bonuses, best UX, knowledgeable customer support and best provably fair games.
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.

Suggested Reading | Dogecoin (DOGE) Struggles, Drops 9% After Elon Musk Twitter Buyout

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
Tags: amazonbitcoinbtcBTC Payments
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Jet Encila

Jet Encila

Freelance writing is Jet's other cup of tea. When not on his computer, he unwinds with a bottle of beer and laughs with his son over cartoons. Other than that, he's just like everybody else who wants to be happy with their life.

Related Posts

crypto

Strength In U.S. Dollar May Have Killed Bullish Momentum In Crypto Market?

2 hours ago
Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

Ethereum Price Slides As Staked Token Reaches New ATH Ahead Of Hyped Merge

2 hours ago
Bitcoin Tumbles As Fed Opts For Restrictive Rates

Bitcoin Tumbles As Fed Opts For Restrictive Rates

3 hours ago
Axie Infinity

Axie Infinity Drops 4.7% In Last 24 Hours As AXS Struggles In The Red Zone

5 hours ago
Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

Bitcoin Bull Rally Fades, Mining Difficulty Surge By 0.63%

6 hours ago
Bitcoin

Why Bitcoin Is Cheap At $23,000, Says Fidelity Expert

6 hours ago

Premium Partners

Top Brokers

PrimeXBT

PrimeXBT

Review · Visit

Top Casinos

BitStarz

BitStarz

Review · Visit
7BitCasino

7BitCasino

Review · Visit
Punt Casino

Punt Casino

Review · Visit
mBit

mBit

Review · Visit
CryptoGames

CryptoGames

Review · Visit
Bspin

Bspin

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Why are Runfy, Bitcoin and Tron being considered the next cryptos to explode in 2022

August 18, 2022

Keninah Concord: Saving The World With Blockchain-Based Solutions

August 18, 2022

How Adirize DAO, Litecoin and Floki Inu Could Be A Great Bear Market Opportunity

August 18, 2022

LBank Exchange Will List THANKQ (TQP) on August 18, 2022

August 18, 2022

Crypto Finance Coin (CTFC) Is Now Available for Trading on LBank Exchange

August 18, 2022

ABOUT US

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

COMPANY

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

LINKS

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

© 2021 NewsBTC. All Rights Reserved.

  • Home
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Play Games
  • Bet & Win
  • Bitcoin Casino Reviews

© 2021 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.