PRViously on Crypto: Bitcoin Breaks Resistance, Amazon Debunks Rumor, Analyst Bets on Cardano

Bitcoins for Amazon shopping, a rumor short-lived

It’s that time of the week where we roundup the hottest news on the cryptoverse! This time, we have the king of cryptos hitting its all time high just before the month closed; an e-commerce giant rumored to accept crypto as a form of payment; and a defi project theorized to complete the Big Three!

Let’s take a look at the highlights of last week’s PRVious happenings!

Cryptos: add to cart?

It was at the start of the week when a rumor surfaced that Amazon plans to accept cryptocurrency as a form of payment on all its transactions. Different news sites were quick to pick up the “confirmed” tip from an insider.

An anonymous source from the e-commerce giant has reportedly told London business newspaper City A.M. that it all begins with the acceptance of BTC as payments before 2021 ends.

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future — this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work,” the anonymous source allegedly told City A.M.

What’s more, the third-largest public company in the U.S. is also said to be gearing up to launch its own cryptocurrency token by 2022. This speculation was from a job posting on the company’s job board for the position of “Digital Currency Blockchain Product Lead”.

Sadly, the rumor was short-lived.

Amazon has denied that it will be accepting BTC payments by the end of the year. Talking about anti-climax, huh?

“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,” said the Amazon spokesperson.

However, there is still much to look forward to as the e-commerce giant did not deny its directive in exploring cryptocurrencies and blockchain technology.

The rumor had sparked an impressive 15% move up to $40,000 for Bitcoin and then brought it back down 7.5% hours after Amazon’s statement.

Speaking of BTC, the king of cryptos breaks resistance as it reaches its all-time high for July, just before the month closes.

Here’s how you end it with a bang!

Bitcoin (BTC) hit its sweetest peak for July at $41,883 yesterday, July 31. The uptrend was ushered in by last Tuesday’s crypto short positions amounting to $883 million being liquidated in 12 hours, 81% of which is BTC.

Notably, bitcoin started to break out around 0:00 UTC time last Monday after trading mostly at the $34,000 level over the weekend. It was seen to have quickly jumped by over 10% within hours to cross the $39,000 level for the first time since the month of June!

According to various reports, the sudden surge may be attributed to the statements made by Elon Musk, when he disclosed his Tesla and SpaceX holdings of BTC;

“I own Bitcoin, Tesla owns Bitcoin, SpaceX owns Bitcoin, I personally own a bit of Ethereum, and I hold Dogecoin of course,” Musk declared.

Further, the busted Amazon rumor likewise served as a catalyst for this sudden price spike.

Well, it’s official, BTC’s long dry spell is over. Bitcoin’s RSI has broken out of a 6-month downtrend line after 8 retests. Analysts were quick to note what to expect from this milestone. By averaging the historical outcomes and extrapolating the results to the current valuation of BTC, it arrives at a hypothetical target for bitcoin’s rally — an outstanding $85,487!

And while we’re at milestones, Cardano just seems unstoppable in making the headlines for the past couple of weeks.

The 1 to complete The Big 3?

American investment research giant Morningstar has aired in a recent forecast that Cardano, together with Bitcoin and Ethereum, has the potential to form a “big three” of mainstream cryptocurrencies.

“Cardano is similar to Ethereum in that it’s a protocol that has a lot of potential technical applications. There’s a lot of enthusiasm about Cardano and also various stablecoins”, says Amy Arnott, Morningstar portfolio manager.

Amy Arnott likewise noted that institutional investors have been “far more willing to adopt cryptocurrencies and look at them as an investment asset.” As that trend continues, she adds, we will “see other cryptocurrencies become more mainstream,” likely referring to Cardano.

And Cardano proves to be prudent in ramping up their upgrades! It is looking forward to roll out support for smart contracts which allows developers to create new DeFi apps on top of it, much like Ethereum.

The ADA network is set to become browser and mobile-compatible in the near future. Where are they now on the developments? Cardano has successfully launched both Alonzo Blue Alonzo White hard forks; following the “Purple” phase, the complete implementation of smart contracts is planned for early September.

That wraps up this week’s PRViously on Crypto. As a bonus, here’s something that is definitely not a rumor: We are literally about two weeks away from some of our PRVArmy receiving Early Access PrivacyCards! Learn more about this on our Marketing Updates tomorrow.

But for now, we hope you enjoyed this week’s roundup of the recent trends and hottest news in the cryptoverse!

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