Amazon has officially denied its plans to use Bitcoin as a method of payment along with alleged plans that the company will launch a new cryptocurrency token this 2022. This came shortly after rumors were spreading like wildfire causing the prices of Bitcoin to go on a bullish boost.
Mr. Whale on Amazon Confirmation
Mr. Whale, a Twitter account that covers Bitcoin related topics, already tackled this particular topic as the speculations had grown through the last few days. The story dealt with a rumor that was also spread just recently.
Mr. Whale addressed his initial statements that another fake Bitcoin rumor was circulating. The rumor noted that they are currently saying that Amazon is accepting $BTC as a mode of payment or payment method. The slight bullish move on the top 10 cryptocurrencies show that there could have really been a slight pump.
Bitcoin Minimalist 'Manipulate' the Prices
The whale noted that this is just another common tactic used by $BTC maximalists in order to manipulate the prices. The account warns the public not to fall for this particular trap. The account also pointed out that just a few weeks ago, the same was done when the $BTC maximalists lied and even claimed that Apple bought in.
Over the course of the last few months, there has been a vicious bear market where prices tanked by over 50% and a number of moon boys and maxi's weren't able to get out in time. It was noted that now, they desperately want to sell and that they will do just anything in order to pump the prices slightly up before they would finally jump off the sinking ship.
Bitcoin Bullish Prices
Mr. Whale then noted that there is no mention of anyone from Amazon noting that they will accept $BTC. The account then noted that the rumor is about 99.9% fake and that they have already done this tactic over 20 times in the course of the last month alone. It was noted that this rumor "only works for fools, and sheep."
MarketWatch tackled the prices of Bitcoin going up to $40,000 and possible reasons why this happened. The article noted that this could be a "squeeze play" where investors who bet $BTC prices would start to liquidate positions. NFTs, on the other hand, have started becoming more and more popular as people are playing NFT games.
Bitcoin 'Technical Breakout'
The move, according to the article, could also be a "technical breakout" and that the rally might have its own technical momentum, which would also beget more buying. It was noted that when they finally broke above the bearish trend line just a few days ago, the market might see "back-to-back" green or even in the case white candles.
With Amazon confirming that the news was just a hoax, this could have yet another effect on $BTC. However, we aren't still sure what the direct effect this news could have on Bitcoin or other cryptocurrencies. However, if the bullish trend was contributed by news of Amazon, this could potentially revert into a bearish trend.
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Written by Urian B.