Crypto Scoop: Bitcoin Gains Momentum, May Head for $40k

It’s been an interesting week in the crypto space and with light on the horizon, crypto traders are getting excited again. Here are the highlights.

• Bitcoin price improves after crashing below $30k
• Amazon may be looking into bitcoin payments
• Jack Dorsey says bitcoin will be a big part of Twitter’s future

Bitcoin price improves, headed for $40k?

Some good news in the market as bitcoin recovers from its crash to $29k earlier in the week. The top cryptocurrency gained and soared back above $30 and has continued to gain momentum as it stays above $32k.

“For the first time in many weeks we are seeing bullish signs here and expect Bitcoin to head towards the upper end of the $30,000-$40,000 range,” Pankaj Balani said to CoinDesk.

This recovery has put confidence in crypto traders and experts believe that a breakout above the 50-day Exponential Moving Average (EMA) will likely see bitcoin reach $60k again soon – especially since a short squeeze to $40k may occur.

As expected, there was a mix of gains and losses in the alts market. We saw Ethereum bounce back above $2,000 after hitting $1,850 last week.

Amazon may be looking into bitcoin payments

Amazon revealed on its jobs website that it is hiring for the role of Digital Currency and Blockchain Product Lead. As the company seeks a person who will “develop Amazon’s Digital Currency and Blockchain strategy and roadmap”, it seems the leading e-commerce company is looking to integrate cryptocurrencies into its payment methods seeing that the role is open in the Payment and Acceptance Team of Amazon.

With Amazon’s global reach, adopting cryptocurrencies as a payment method would be a big deal in not just the e-commerce sphere but it may also impact online shopping, further helping along bitcoin’s even wider adoption.

Jack Dorsey on bitcoin’s role in Twitter’s future

It seems Jack Dorsey is just getting started with bitcoin as he confirmed to investors at the company’s second-quarter 2021 earning conference call that bitcoin will play a big role in the Twitter’s future. Jack Dorsey believes he sees opportunities to integrate crypto into Twitter products and services including commerce, subscriptions, and new features such asTip Jar and Super Follows.

Recently, we’ve seen Jack confirm that his other company Square, Inc. is creating new bitcoin-focused business as well as a hardware wallet for bitcoin. And the bitcoin-advocate has announced bitcoin as one of the three key trends for Twitter’s future, alongside AI and decentralisation.

With bitcoin price improving and the future looking bright in terms of adoption and integration into businesses and payment platforms, bitcoin is set to overhaul money usage on the internet.

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