Bitcoin (BTC) continued its upward trajectory on Monday, extending gains from the weekend to approach $40,000 during Asian trading hours. The cryptocurrency briefly surged 15% to $39,544 before stabilizing at $38,543 (up 11%) by 8 PM UTC. Notably, Bitcoin reclaimed its 50-day moving average over the weekend—a key technical milestone watched by traders.
Key Drivers Behind Bitcoin's Rally
1. Amazon's Crypto Payment Ambitions
Reports indicate Amazon (NASDAQ: AMZN) is exploring cryptocurrency payments, with job listings revealing plans to hire digital currency and blockchain experts. These roles will:
- Lead the company's payments team
- Develop Amazon's digital currency/blockchain strategy
- Design product roadmaps for crypto integration
👉 Why Amazon’s crypto move could reshape e-commerce
2. Potential Timeline for Implementation
Citing insider sources, City A.M. revealed:
- Amazon aims to enable Bitcoin and crypto payments by end of 2021
- The company may launch its proprietary token before 2022
Institutional Endorsements Fuel Confidence
Last week's dip below $30,000 reversed after high-profile endorsements at The B-Word Conference:
- Elon Musk confirmed SpaceX holds Bitcoin alongside Tesla
- Cathie Wood urged corporations to consider BTC for balance sheets
"Cryptocurrency fundamentally makes sense as a internet-native store of value."
— Cathie Wood, ARK Invest CEO
Ethereum and Market Impact
Ethereum (ETH), the second-largest cryptocurrency, mirrored Bitcoin's gains—rising 8% to $2,389. The broader market recovery suggests renewed institutional interest in crypto assets.
Frequently Asked Questions (FAQ)
Q1: Why did Bitcoin rebound so quickly?
A: Institutional backing from figures like Musk and Wood, combined with Amazon's potential crypto adoption, restored market confidence.
Q2: How reliable is the Amazon crypto payment rumor?
A: While not officially confirmed, Amazon's job postings and insider leaks to reputable outlets like City A.M. lend credibility.
Q3: Should investors consider Bitcoin for long-term holdings?
A: Analysts recommend evaluating BTC as a high-risk, high-reward asset class—with growing acceptance among blue-chip companies.
👉 Explore crypto investment strategies
Editorial Note: This analysis excludes speculative claims about unannounced products. All market data reflects verified pricing at time of publication.