After reports that e-commerce giant Amazon is looking to employ a digital currency and blockchain product lead, bitcoin surged to its highest level in over six weeks on Sunday, trading at over $39,000 for the first time since June 16.
A little after 8 on Monday morning in London, Bitcoin was up 12% to $38,723 (£28,169). It was the highest price for the cryptocurrency in almost a month.
As of 10:58 a.m. in Hong Kong, the largest crypto had risen as much as 15% to $39,681, before reducing some of the gains to trade at around $38,100. Other virtual currency, including second-placed Ether, surged as well.
Also Monday morning, Ethereum (ETH-USD) was up 8.5% to $2,364, while Cardarno (ADA-USD) was up 11.6% to $1.37. BitcoinCash (BCH-USD) was trading at $508, up 11.8%.
Dogecoin (DOGE-USD), a favorite of Musk’s, was also on the rise. The value of the token, which was created as a joke, increased by 10% to $0.22. A tweet from Musk on Sunday night bolstered Dogecoin, implying that the token was actual money.
Amazon issued a job advertisement for a “Digital Currency and Blockchain Product Lead” based out of its Seattle headquarters, which sparked curiosity. The job offering, which was picked up by crypto media last week, stated that the position would be based within Amazon’s Payment Acceptance & Experience Team, implying that the business may be considering accepting cryptocurrency soon.
The job description on Amazon stated that the position would entail “innovat[ing] on behalf of customers within the payments and financial systems of one of the largest e-commerce companies in the world”.
This follows supportive comments from Elon Musk and Cathie Wood of Ark Investment Management LLC, as well as other recent support for Bitcoin. The coin’s price above its 50-day moving average over the weekend, a development that some see as encouraging.
According to data from Bybt.com, more than $700 million in Bitcoin shorts were liquidated on Monday, the biggest in at least three months.
Bitcoin futures activity soared Monday as prices rose sharply. In a 10-minute trading session, over 1,000 contracts changed hands. As a result, as of 9:20 a.m. in Hong Kong, volumes in the July front contract were roughly 10 times the norm.
Bitcoin is still around $27,000 off its mid-April high of around $65,000. It has been harmed by criticism of the amount of energy used by the computer servers that support it, as well as a regulatory crackdown in China and increased official scrutiny in Europe and the United States.
Musk, the CEO of Tesla Inc, which already owns Bitcoin, revealed last week at a conference that his space exploration business SpaceX does as well.
He also stated that he would like to see the token thrive and that he has purchased Bitcoin, Ether, and Dogecoin. Companies should consider adding Bitcoin to their balance sheets, according to Ark’s Wood.
The price of bitcoin soared early this year after Musk announced that Tesla was exploring taking bitcoin as payment. Musk eventually backtracked on the pledge due to environmental concerns, causing bitcoin to plummet.