Advertisement
AD

Main navigation

3 Significant Causes Pushing Bitcoin Price Above 40K This Week

Advertisement
Wed, 28/07/2021 - 8:45
3 Significant Causes Pushing Bitcoin Price Above 40K This Week
Cover image via stock.adobe.com
Read U.TODAY on
Google News
Contents
Advertisement

Analyst platform Santiment released a weekly report on the fluctuations of the price of Bitcoin. In particular, in this report, researchers analyzed objective events and the reasons why the price of the first cryptocurrency broke through the $40K mark.

Three fundamental events occurred. More precisely, two of them are related to Amazon and one to Tether.

We are talking about speculative rumors that emerged about the possibility of Amazon taking Bitcoin and its further rejection. With Tether, on the other hand, the situation arose after an investigation by the U.S. Justice Department.

Reason 1: Rumors about Amazon's acceptance of Bitcoin

On Monday, July 26, the price of the flagship cryptocurrency broke through the $40,000 mark for the first time since mid-June amid rumors that the company will soon start accepting Bitcoins as payment for goods.

They were also sparked by a job posting on Amazon's website for a blockchain and digital currency specialist. The job seeker was to "define the vision and strategy" for the company's blockchain business.

Santiment BTC 40k

Reason 2: Investigation into Tether

The week also began with reports from the U.S. Justice Department that Tether was under investigation early in its operations.

For instance, USDT, an issuer of the stablecoin, is suspected of hiding information from banks. However, Tether later said that reports including accusations of bank fraud are an attempt to discredit it.

Reason 3: Amazon's rebuttal

Later, Amazon denied reports that it intended to accept Bitcoin payments by the end of the year. In a statement, the company said that it had no specific plans to do so and that these rumors are untrue.

Related
Amazon Says It Will Not Accept Bitcoin

At the same time, Amazon admitted that it is studying the possibility of providing such an option to customers who make purchases on Amazon.

BTC Santiment fluctations

Summary

Santiment reports that BTC's price movement this week is certainly strong, though not enough to reverse. Despite the fact that the first cryptocurrency continues to move to overcome the strong resistance of $40,000, the mood on the market is still bearish.

As a result, these recent fundamental events sent BTC to the area of $40,000 but could not break it. Now, according to Santiment, the price is hovering around $37,000.

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement

Latest Press Releases

Is Bitcoin Mining Legal? Regions in the World Where Mining Is Legally Permissible
Zircuit, New ZK-Rollup Focused on Security, Launches Staking Program
AI Analysis Launches The AIA Mastercard – The Future of Crypto-Fiat Transactions
VAP Group hosts the majestic Global Blockchain Show 2024 in Dubai
Digital Transformation Week Is Returning to Santa Clara This Summer
Arab Financial Services (AFS) Enter Strategic Alliance with Xpence to Innovate SME Financial Management in Bahrain
Breaking Records: UXLINK Attracts 978,000 New Web3 Wallet Registration with $78,000,000 Deposit asset from February 01 to February 22, 2024
What To Expect from The Bitcoin Halving in April 2024
Testnet Launch for dWallet Network - Composable Modular Signature Network
ETH Denver Top Builders Base by Supermoon, Cointelegraph, NDC, Horizen, & Conflux
Citrea, Bitcoin’s First ZK Rollup, Announces $2.7M Seed Funding
Chromia’s Flagship Game ‘My Neighbor Alice’ Unveils 2024 Roadmap
First-Ever ICO on Bitcoin Blockchain: $3.1M Raised in Under 6 Days
CoinList to Host the MASA Token Public Sale as it Unleashes the World’s Personal Data Network
Sui Reveals Initial Wave of Speakers, Famed Venue for First Annual Basecamp Event
Vitalik Buterin Comes to Taiwan as Keynote Speaker at ETHTaipei 2024
Elevating Europe’s Crypto Hub: Next Block Expo Returns to Poland
Bridging the Data Trust Gap: 2024 RegTech Confab Set to Unlock Africa’s Economic Potential
ApeX Protocol Partners with Alertatron to Enhance Automated Trading Capabilities
TeachMeCode Institute Announces Grand Opening of Cutting-Edge Dubai School
Our social media
There's a lot to see there, too

Popular articles