Three reasons why Bitcoin rose to $ 40

Three reasons why Bitcoin rose to $ 40

Analytical platform Santiment has released a weekly report on Bitcoin price fluctuations. In particular, in this report, the researchers analyzed objective events and the reasons why the price of the first cryptocurrency broke the $ 40 mark. Three fundamental events have taken place. More precisely, two of them are associated with Amazon and one with Tether.

We are talking about the speculative rumors that have appeared about the possibility of using Amazon Bitcoin, and its further refusal. With Tether, the situation arose after an investigation by the US Department of Justice.

Reason 1: Bitcoin Amazon adoption rumors

On Monday, July 26, the price of the flagship cryptocurrency surpassed the $ 40 mark for the first time since mid-June amid rumors that the company will soon begin accepting BTC as payment for goods.

They were also inspired by the ad for a blockchain and digital currency specialist job on Amazon's website. The applicant had to “define the vision and strategy” of the company's blockchain business.

Three reasons why Bitcoin rose to 000

Reason 2: Researching Tether

The week also kicked off with reports from the US Department of Justice that Tether was under investigation early in its operations.

For example, USDT, the issuer of a stablecoin, is suspected of hiding information from banks. However, Tether later said the reports of bank fraud allegations were an attempt to discredit it.

Reason 3: Amazon denial

Amazon later denied reports that it intends to accept payments in Bitcoin by the end of the year. The company said in a statement that it has no specific plans to do so and that the rumors are not true.

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

Three reasons why Bitcoin rose to 000

Santiment reports that the BTC price movement this week is certainly strong, but not enough to reverse. Despite the fact that the first cryptocurrency continues to move, overcoming the strong resistance of $ 40, the market sentiment is still bearish.

As a result, these recent fundamental events pushed BTC into the $ 40 region, but failed to break it. Now, according to Coingecko, the price is hovering around the $ 000 mark, preparing to overcome the next hurdles.