The Bitbuy Brief: Bitcoin Up 24% This Week
Issue 145: Why Is Bitcoin Up 24% This Week? 🧐
July, 29th, 2021
We’re moving fast, making constant product improvements to give you the best possible crypto experience.
With more exciting updates coming soon, here’s a summary of our recent product updates that have been rolled out in the months of July.
Bitbuy Resources: Emerging Crypto Trends
We all know the crypto industry moves fast and there seems to be new buzzwords, acronyms and terms developing daily.
To keep you informed, we examined emerging trends in crypto you should be keeping an eye on.
Be sure to check out our latest deep dive on Bitbuy resources to learn more.
Weekly Market Recap
Analysis: Is the bull market back on? Bitcoin rallied 24% on the back of a few positive news stories (more on that later), and spot volumes were up approximately 60% across most major exchanges week over week. Altcoins rallied as well, with XRP and LINK up almost as much as “the big B”.
Bitcoin Price Rises With Support from Tesla, Twitter and Amazon
This week was a big week for Bitcoin prices, and three large companies might be the reason for it.
Back in February, Musk tweeted that Bitcoin had promise, but at a high cost to the environment. Unfortunately, this contrasted Tesla’s mission for a zero-emission future and led to the company discontinuing its acceptance of the digital currency. The result was a decreased Bitcoin price, until now.
In a recent digital panel, Elon Musk has shared that accepting Bitcoin again is the plan as long as “there’s confirmation of reasonable (about 50%) clean energy use by bitcoin miners with a continuous positive trend. He also said that Tesla owned “about” 42,000 Bitcoins, and of course, because of Elon’s tendency to lean in to internet memes, many speculate that the exact number is 42,069.
In the same panel, the CEO of Twitter, Jack Dorsey, also said that cryptocurrencies are a large part of their future. Even agreeing with Musk that Bitcoin can incentivize the transition to renewable energy.
London’s City AM newspaper cited an unnamed “insider” who said Amazon is looking to accept Bitcoin payments by year’s end. The company later refuted this rumour; however, Amazon still has a job vacancy for a digital currency product lead.
The dispute wasn’t all negative, as the company shares their focus continues to be on exploring what the use of digital currencies could look like for customers shopping on Amazon.
While Amazon ruled out accepting Bitcoin in the near future, many believe they are heading in that direction. Not to mention online services such as Purse.Io allow you to buy Amazon products using Bitcoin already!
*This opinion piece is not investment advice, always do your own research.
Other Headlines & News
Circle K Convinience Stores Will Host Thousands of Crypto ATMs – CoinTelegraph
Amazon Denies Reports That It May Accept Bitcoin as Payment by End of 2021 – Global News
PayPal to Expand Bitcoin Buying to UK, Says Wallet Withdrawals in Progress – Bitcoin Magazine
Crypto Population Doubled to Over 200M Users Since January – CoinTelegraph
The Owner of This Tiny $875 Rig Mines Bitcoin Using Free Electricity at Starbucks – CNBC.com