Bitcoin mania is on the rise as bullish signals approach; Bitcoin had seen some very hard days, especially in the past few months when Elon Musk and China were cracking at it, and most of the investors lost their faith in the cryptocurrency. Bitcoin stayed closer and then below the $30K price range and was not able to bounce out of it due to immense pressure on the cryptocurrency over the use of natural resources such as coal for mining. While it is true that Bitcoin mining impeaches our environment and is bad for it in every way, but it is a necessary evil at the moment and must continue until we find adaptable green energy for bitcoin mining and have completely laid out the process.
Coming back to the topic, there were rumors revolving in the crypto space that Amazon has given a green signal to the crypto adoption and the coins that would be incorporated into their payment solution are Bitcoin, Ethereum, Litecoin, and many other altcoins. The rumors didn’t have much credibility but managed to increase bitcoin’s price. This was the first time Bitcoin managed to spike up to $40K, and it was believed that finally, things would start to show up for Bitcoin; once again, Amazon has adopted Bitcoin.
Bitcoin has Remained Bullish Even After Amazon Rejected the Adoption Rumors
But soon enough official statement from Amazon came through, and it clearly portrayed that the e-commerce giant has no intention of incorporating Bitcoin or any other cryptocurrency into their payment solution anytime soon. However, Amazon has posted a job on the official website that demands the need for a professional blockchain expert who can help Amazon explore the decentralized finance (Defi) and possibly minting their own token in the future.
This has clearly affected bitcoin’s price, and the cryptocurrency is now trading at $38K, but the stable support is there for Bitcoin with little to no resistance ahead. Another classic event that has occurred in this short time is that the whales have once again raided the crypto market and are now purchasing Bitcoin as it dips from $40K to $38K. They are confident for a bullish trend for Bitcoin as it approaches stable support even if Amazon is not willing to work with it at the moment.