Amazon Rumoured to Accept BTC and Certain Cryptocurrencies by the End of 2021!

Bitcoin rebounded to $40,000 as Binance futures liquidations skyrocketed — increasing the spot-derivatives price spread by $8,000 in a matter of minutes.

Meanwhile, the higher echelons of Amazon have reportedly drawn up plans to accept bitcoin and other cryptocurrency payments by the year’s end.

Finally, Stone Ridge asset manager will be participating in the Bitcoin market via futures contracts, in addition to the spot BTC it purchased in October of last year.

Let’s dig in.

$10 Bn Asset Manager Registers New Bitcoin Fund with SEC

The parent company of New York Digital Investment Group (NYDIG), Stone Ridge Asset Management, has been actively pursuing new investment options for Bitcoin.

Per the prospectus, the main purpose of the firm’s strategy is “capital appreciation.” While the asset manager has made bitcoin purchases in the past as part of its treasury reserve strategy, this latest move is not necessarily ‘bullish’ for bitcoin.

Check out the full article here!

Technically speaking

Bitcoin liquidations top $750 million

Bitcoin experienced a strong rebound during weekend trading, resulting in $750.53 million in short liquidations practically overnight.

Most of the liquidations were driven by Binance-based bitcoin perpetual futures contracts (denominated in USD Tether), which widened the spread by over $8,000 against spot market prices. In fact, the perpetual contract hit a high of $48,168, according to Binance data.

The exaggerated move was due to big players getting liquidated as the number of short futures contracts rose steadily against rising prices. One the scales tipped, the relatively explosive move ensued as investors rushed for the exits.

BTC/USD shows strength

From a technical standpoint, Bitcoin broke through a daily RSI resistance trend which had been present since February 20th. Since then, price was consistently rejected and trended lower as bearish momentum became prevalent.

However, this RSI trend no longer held water over the weekend and BTC rallied to $40,000 amid negative perpetual futures funding rates. While BTC is still ranging, the prospects for a prolonged reversal are better now that the $36,000 pivot point has been reclaimed.

Bulls will likely be looking for a higher low to defend, assuming the weekend move is largely over.

Amazon rumoured to accept BTC by the end of 2021

Over the last six days, BTC/USD rallied about 37% to hit $40,000. Reports about insider information regarding Amazon’s trajectory with respect to bitcoin began swirling the internet on Monday morning. But late last week — just before the trading bell for traditional markets hit — a Nasdaq article had already suggested that the e-commerce giant is looking into bitcoin payment solutions.

New information suggests that these rumours are on the verge of official confirmation, and could have a sizeable impact on the industry the same way Tesla’s bitcoin announcement did back when Elon Musk announced the BTC purchases earlier this year.

Will a similar set of events transpire with Amazon’s CEO Jeff Bezos? If the rumours are true, then any official confirmation would be like the falling of small stones that start an avalanche.

Catch you later.

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