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

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 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. 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...