Cryptocurrency Market Update: Bitcoin Might Be Gearing Towards a Bull Run

There's a rumor going around which hiked up all the cryptocurrency prices. 

Bitcoin and the cryptocurrency market have recovered from the recent dips. In the last two days, Bitcoin's price is up 10%, which led to other cryptocurrencies following the upward trend. Over the last week, Bitcoin saw a spike of 20% and Ethereum caught up and increased in value by 22%.

What's the reason for this surge? Reports emerged in the market that Amazon, the e-commerce and tech giant, is planning to consider cryptocurrencies for payments. According to the company, cryptocurrencies will enable modern, fast, and inexpensive payments. These statements by Amazon come as a result of other market influencers like Elon Musk being vocal about their support for this technology. 

In a crypto convention held earlier this month in the United States, Elon Musk stated in a debate with Twitter's Jack Dorsey that SpaceX still holds Bitcoin along with his own investments and that of Tesla's while sparking speculation that Tesla would soon start taking crypto payments as well. 

Until last week, Bitcoin's price was hovering around the US$30,000 mark. A lot of discussions and criticism about Bitcoin's future and potential started to happen and chatter about the crypto giant falling from grace was becoming more evident. In a turn of events, Bitcoin is now reaching the US$40,000 mark. At the time of writing, Bitcoin is now trading for US$36,966. 

Overall, the cryptocurrency market is seeing a spike as major coins are up by 10% and more. Dogecoin is also up by 12%. This surge can be a result of the Amazon hype, but crypto market investors are expecting the company to make these payments happen soon and don't want to miss out on the bull run.