Bitcoin’s latest roller-coaster ride accelerated Monday as traders digested an Amazon executive job posting linked to crypto, sending prices soaring. The rally quickly ran out of steam hours later, after a company spokesperson denied the token will be accepted for payments this year. Amazon’s statement does not change the fact that more than $950 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.
With the current price rebound, we might see prices go up as high as $45,000 before people start selling again to profit or to cover losses, from the historical high of $65,000 back in April. But due to the volatile nature of cryptocurrencies, it is hard to predict what its next move would be. Other cryptos are also on the retreat after the huge spike on Monday, with Ether, Doge, and Litecoin dropping at a similar rate.
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