Cryptocurrencies like Bitcoin are ‘apolitical’ says financial expert
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Bitcoin’s price volatility has been the topic of much debate among analysts in the past few months. A growing number of companies have begun to accept cryptocurrencies as payment prompting price surges.
Amazon has denied reports speculating the e-commerce giant is taking steps to accept bitcoin as payment by the end of 2021.
An unnamed insider told City AM newspaper the retailer was looking to include the cryptocurrency as an acceptable form of payment by the end of the year.
The news prompted a surge in the price of bitcoin of 14.5 percent.
However, the denial quashed these rises.
Bitcoin price latest: How much is the digital coin worth? (Image: GETTY)
Bitcoin price latest: Bitcoin’s price volatility has been up for much debate (Image: GETTY)
Speaking on Monday after the report surfaced, an Amazon spokesperson said: “Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true.
“We remain focused on exploring what this could look like for customers shopping on Amazon.”
In addition to the report in City AM, Amazon shared a job advertisement for a digital currency and blockchain product lead on July 22.
The job stirred up more questions among analysts about whether the move could lead to Amazon accepting Bitcoin as a payment method.
Bitcoin price latest: Amazon has denied reports it will accept bitcoin in 2021 (Image: GETTY)
The cryptocurrency market appears to be making a speedy recovery after prices plummeted earlier this week.
Monday saw bitcoin gain as much as 15 percent.
However, on Tuesday prices across digital coins dropped off, with many losing gains earned on Monday.
Wednesday as seen another gain in price with bitcoin rising more than X percent in a single day.
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Bitcoin price latest: Bitcoin surged 14.5 percent after the Amazon reports surfaced (Image: GETTY)
What is the current price of bitcoin?
The global cryptocurrency market cap is currently at $1.55 trillion (£1.12tn), increasing by 4.85 percent in the last day according to CoinMarketCap.
The total crypto market is worth $98.50bn (£71bn) which is a 8.66 percent drop in the past 24 hours.
But each of the main digital coins has seen large falls in the past 24 hours.
Bitcoin price latest: The crypto market has shown signs of growth (Image: GETTY)
Currently, the price of Bitcoin is up 7.31 percent, ethereum is up 3.53 percent and dogecoin is up 4.15 percent in the past 24 hours, as of 11.10am on May 17.
In addition, many of the digital coins have seen a sustained rise in the past seven days, with bitcoin rising 27.2 percent, ethereum rising 20.97 percent and Dggecoin increasing by 12.3 percent.
Even cardano, which promotes itself as a sustainable coin has improved amid the upward turn of digital coins rising 3.39 percent in the past 24 hours and 13.75 percent in the last seven days.