How Amazon’s Crypto Job Posting Affected Bitcoin and Other Cryptocurrencies.
Amazon.com, Inc. is a major American e-commerce company and the world’s largest online retailer. It is the 2nd most valuable company in the world right now with a market value of over $800 billion. In January 2018, Amazon posted a job advertisement for a cryptocurrency engineer on their website looking to hire someone with “a strong technical understanding of cryptography”.
In response, Bitcoin and other cryptocurrencies jumped in value by 10 to 20%. Their prices reached an all-time high before quickly returning to normal levels after the announcement was taken down from Amazon’s website. Here are some reasons why this happened and what it means for crypto going forward.
Bitcoin and other cryptocurrencies reach new heights
When Amazon posted a job advertisement for a cryptocurrency engineer on their website, some speculated that it could be an acknowledgement of the potential of crypto. This coincided with Bitcoin and other cryptocurrencies reaching new heights.
One thing to keep in mind: companies like Amazon, Facebook and Google have never accepted cryptocurrency as payment for products and services. This is because they can’t control the volatility of the currency. When these major companies post about the benefits of cryptocurrency, it usually sends a strong signal to investors that this market has staying power. The more attention cryptocurrencies get from large companies, the more people will invest and buy them up.
However, when Amazon took down their job advertisement for a cryptocurrency engineer from their website shortly afterward, the prices of Bitcoin and other cryptocurrencies dropped almost immediately. Some believe that this was due to people selling off their bitcoins so they wouldn’t lose money in case the price dropped even more than it already did after the announcement was taken down from Amazon’s website. Now that people are aware that this announcement doesn’t mean much for them, they’re less likely to keep buying up these currencies at high prices just in case there’s another surge in value.
Bitcoin and other cryptocurrencies return to normal levels
Bitcoin and other cryptocurrencies jumped in value by 10 to 20% after the announcement was taken down from Amazon’s website.
The jump in value was mainly due to speculation that this would mean that Amazon would soon accept payments made with Bitcoin or other cryptocurrencies, but this turned out not to be the case.
Many people were speculating about what this would mean for crypto going forward. Some thought it meant that cryptocurrencies were finally getting mainstream attention while others thought that the jump in value just happened because of a combination of short-term demand and long-term anticipation for when Amazon will start accepting cryptocurrency payments.
In reality, the possibility of Amazon accepting Bitcoin is still just a rumor. However, if they do eventually start accepting cryptocurrencies, it could have a huge impact on the markets and show widespread adoption of these types of currencies. It would also increase demand for services like wallets and exchanges which are necessary in order to spend cryptocurrencies without immediately converting them back into fiat currency.
Why is Bitcoin so volatile?
Bitcoin is a digital currency created in 2009. The price of Bitcoin has been highly volatile since its inception, and this volatility is expected to continue as the currency gets more popular and people start using it for more transactions.
The price of bitcoin can swing wildly from day to day, and even within one day, due to any number of factors. These include:
-Global events that create uncertainty
-Changes in demand
What does this mean for Bitcoin going forward?
Bitcoin is the biggest and most popular cryptocurrency to date. It’s also the one that has experienced the most volatility in recent years. The price of Bitcoin has seen its highs and lows, but it often sees a boost in value when there are major developments or events related to crypto. This could be due to people wanting to get in on the hype before it crashes again, buying while they still can, or just speculating about how it will affect Bitcoin’s future. Likely, all of these factors played into this price surge.
The other cryptocurrencies affected by Amazon posting their advertisement were Ethereum and Litecoin, which saw similar jumps in value. So while this event didn’t mean much for Bitcoin specifically, it did mean something for the market as a whole.
Bitcoin reached a new height after Amazon posted a job opportunity for a “Bitcoin & Crypto Currency Specialist”. Bitcoin reached a new height after Amazon posted a job opportunity for a “Bitcoin & Crypto Currency Specialist”. Bitcoin dropped back down to its original level the next day. Bitcoin is considered volatile because it is difficult to predict what will happen to it in the future. Bitcoin may go up in the future because Amazon’s crypto job post may have helped Bitcoin’s popularity.