Witness Largest Single-Day Rise: Bitcoin Hit US$39K for E-commerce Giant

The crypto market has recently witnessed a Bitcoin price history where the most popular cryptocurrency price rallied above US$39,000, making it the largest single-day rise in more than six weeks. Bitcoin was steady around US$38,250 for a week and hit the monthly high at US$39,850 on Sunday with a 12.5% rising and a market volume of over US$15 trillion. It is being speculated that the news of Amazon accepting Bitcoin payments in the nearby future has surged up the price on Sunday. This has set another record of a weekend gain hitting above its 50-day moving average since May 9, 2021.

Investors and crypto-analysts are speculating that Amazon is the major reason for a sudden spike of Bitcoin in the crypto market. Business Insider discovered that Amazon has started recruiting candidates for developing digital currency and blockchain strategies for the Amazon payment acceptance and experienced team. Amazon is interested in the cryptocurrency market and wants to explore an inexpensive payment system. Yet, there is no confirmation from Amazon regarding Bitcoin payment.

It is a turbulent year for the cryptocurrency market but this weekend made investors jump with joy due to the largest single-day rise in Bitcoin. The most popular cryptocurrency with the largest market capitalization, Bitcoin has broken the record of pivot level US$35,000 and reached more than US$39,000. Meanwhile, investors are aiming high for Bitcoin to hit US$40,000 this week. Bitcoin witnessed a hike in price at the beginning of 2021 when the world-known entrepreneur and cryptocurrency influencer, Elon Musk tweeted that Tesla will consider Bitcoin payments for self-driving cars. Then the price went down when he showed concerns regarding crypto-miners and the environment.

Shivam Thakral, CEO, BuyUcoin, analyzed, "The recent jump in Bitcoin price was expected as there has been a huge demand from institutional investors during the price drop. Bitcoin, the flag bearer of the crypto industry around the globe has seen the biggest one-day hike in six weeks, a recent announcement from the e-commerce giant, Amazon, supporting cryptocurrencies may have also contributed to the jump in Bitcoin price. We are witnessing a growing acceptance of digital assets with some of the biggest names in the business backing cryptocurrencies and we expect similar enthusiasm from Indian regulators around digital assets."