Crypto Market Boost Comes After Amazon Gets Serious About It

By Updated at 2021-07-24 21:33:48 +0000

Crypto_market_boost_comes_after_amazon_gets_serious_about_it

Bitcoin and cryptocurrency prices have suddenly surged after a tumultuous week for crypto traders.

The bitcoin price has added around 7% over the last 24 hours, while ethereum, Binance's BNB, Ripple's XRP and dogecoin have climbed between 5% and 10%—pushing the combined crypto market value up by $200 billion since Wednesday.

The bitcoin and crypto market boost comes after technology giants Twitter TWTR +3% and Amazon AMZN +0.5% both revealed they're taking cryptocurrencies more seriously, adding to an Elon Musk-fueled boost for bitcoin, ethereum and dogecoin prices.

On Thursday, Twitter and Square SQ +1.3% chief executive Jack Dorsey, a fierce bitcoin proponent, told Twitter investors bitcoin will be a "big part" of the company's future.

Bitcoin can help the social media giant move faster in terms of its product expansions and is the "best candidate" to become the "native currency" of the internet, Dorsey said, speaking on Twitter's second-quarter earnings call.

"If the internet has a native currency, a global currency, we are able to able to move so much faster with products such as Super Follows, Commerce, Subscriptions, Tip Jar and we can reach every single person on the planet because of that instead of going down a market-by-market-by-market approach."

Meanwhile, online retailer Amazon is looking to hire a digital currency and blockchain expert, according to a recent job posting.

"You will leverage your domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrency to develop the case for the capabilities which should be developed, drive overall vision and product strategy, and gain leadership buy-in and investment for new capabilities," the posting, first reported by Insider, read.

An Amazon spokesperson told Insider Amazon wants to eventually accept cryptocurrency from its customers.

"We're inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon," the spokesperson said. "We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible."

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