Bitcoin NewsCryptocurrency News

Bitcoin and the Crypto Market Recovers Somewhat Amid Bullish News from Tech Giants

Bitcoin and the crypto market have been posting gains since Wednesday amid tech giants like Tesla, Twitter, and Amazon showing a fresh support for cryptocurrencies and blockchain.

Bitcoin and the crypto market have posted gains after experience two months of troubled times. On Tuesday, July 20th, Bitcoin was trading below $30,000, but since Wednesday, the coin has added almost $5000 in its price, adding $200 billion to its market cap.

This market boost come after technology giants Twitter and Amazon both revealed they’re taking cryptocurrencies more seriously, adding fuel to Elon Musk-powered surge that helped the coin to bounce back to $30,000 on Wednesday, July 21st.

At the time or writing, Bitcoin (BTC) is changing hands at $34,300 with a 7% increase in the last 7 days. Ethereum (ETH) has also gained around 10% in the last 7 days and is being traded at $2,158 at the time of writing.

Here is the recap of some bullish news that is helping Bitcoin and the overall crypto market to surge.

Elon Musk Reiterates his Bitcoin Backing

On Wednesday, July 21st, Elon Musk appeared in a panel with Jack Dorsey, CEO of Twitter and payment company Square, and Cathie Wood, the founder and CEO of ARK Invest, at “The ₿ Word” virtual conference. At the event, Elon Musk revealed for the first time that along with Tesla, his space venture SpaceX and he himself also own Bitcoin (BTC). He further said that he also owned some Ethereum (ETH) and Dogecoin (DOGE).

At the discussion, he said:

“I do own Bitcoin, Tesla Owns Bitcoin, SpaceX owns Bitcoin, and I personally own a bit of Ethereum (ETH) and Dogecoin (DOGE) of course.”

He, at the conference noted that nor him neither any his company is selling Bitcoin. Furthemore, Tesla may also resume Bitcoin payments soon as Bitcoin mining is now rapidly moving towards greener energy. As reported, Tesla suspended Bitcoin as payments option on its platform citing Bitcoin is too dangerous for environment as most of its mining is fuled by fossil fuels.

Bitcoin started Wednesday at around $29,700 but rose to a 24-hours high of $32,752 in the last hour of Wednesday.

Jack Dorsey: Bitcoin Will be a Key Part of Twitter

On Thursday, July 22nd, Twitter and Square chief executive Jack Dorsey told Twitter investors Bitcoin will be a key part of Twitter’s future. Speaking to analysts on an earnings call following the release of the social network’s Q2 results, he describes Bitcoin (BTC) a global currency that would ensure “people and companies can freely trade goods and services anywhere on the planet.”

On July 16th, Dorsey also revealed that his payment venture Square had plans for bringing in an open developer decentralized finance (DeFi) platform for Bitcoin. He wrote on Twitter:

“Square is creating a new business (joining Seller, Cash App, & Tidal) focused on building an open developer platform with the sole goal of making it easy to create non-custodial, permissionless, and decentralized financial services. Our primary focus is #Bitcoin. Its name is TBD.”

Amazon’s New Job Posting

Amazon’s new job posting for a “Digital Currency and Blockchain Product Lead” shows tech giant is also serious about crypto and blockchain. According to the posting, Amazon’s “Payments Acceptance & Experience team is seeking an experienced product leader to develop Amazon’s Digital Currency and Blockchain strategy and product roadmap.”

That could hint at a potential future integration of cryptocurrencies on the site. There are also rumors that Amazon is laying the groundwork for a new digital currency to use in its marketplaces and platforms.

A job posting in February 2021 hints that Amazon is working on a digital currency project in Mexico.

Related Articles

Leave a Reply

Your email address will not be published.

Back to top button