Bitcoin plunges after Amazon denies reports it will accept crypto as payment

midian182

Posts: 7,060   +62
Staff member
What just happened? Just as we’ve seen many times in the past, the price of Bitcoin has tumbled after a widespread rumor was refuted by those it involved. In this instance, Amazon has denied that it plans to accept the crypto as payment on its platform before the end of the year.

Yesterday saw Bitcoin surge past $40,000 for the first time since mid-June on the back of reports that Amazon would soon be accepting it as payment, the result of a job ad from the company looking for a “Digital Currency and Blockchain Product Lead.”

An alleged insider told City A.M that Amazon’s embrace of BTC would happen in 2021 and that it would eventually accept other cryptocurrencies, in addition to investigating its own token. All of which pushed Bitcoin above $40,000.

But the boost was short-lived. Amazon has now confirmed the report’s inaccuracy, though it admits to having an interest in crypto.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said a company spokesperson. “We remain focused on exploring what this could look like for customers shopping on Amazon.”

Bitcoin fell 6% following the statement and is $37,620 at the time of writing. Ether, Cardano, Dogecoin, and Stellar have also seen their prices fall.

Bitcoin has had a rollercoaster year so far, having seen its price jump following Tesla’s investment and announcement that it would accept BTC as payment, then falling when Elon Musk backtracked over environmental concerns. The CEO recently said the EV maker would “likely” start accepting Bitcoin again, increasing its price by 8%.

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VitalyT

Posts: 5,827   +5,867
There was no plunge. It needs to break below its 29k major support line, to call it a plunge. And right now we are nearly 10k above that. This article's title is a clickbait.

Current 1D chart:
graph.png
 
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Dimitriid

Posts: 920   +1,697
Not sure how this rumor started but if it can be traced back to a single, semi reputable or popular source, I think we just witnessed a pump and dump scam scheme with rumors only as the basis for it.

No longer do we have any assurances about our savings we can trust a currency form that's so easily manipulated a single employee at a news website can manipulate all while we break records in emissions to sustain it: the future is now!
 

wiyosaya

Posts: 6,363   +4,675
Here we go again. Yet another ride courtesy of crapto masquerading as an investment. :rolleyes:
Not sure how this rumor started but if it can be traced back to a single, semi reputable or popular source, I think we just witnessed a pump and dump scam scheme with rumors only as the basis for it.

No longer do we have any assurances about our savings we can trust a currency form that's so easily manipulated a single employee at a news website can manipulate all while we break records in emissions to sustain it: the future is now!
IMO, anyone "investing" in crapto should not expect stability. If stability is the goal then there are other investments out there that are, by far, better than crapto. Any investment offering the possibility of the crazy returns that crapto offers is a risky investment, IMO, and unlikely to offer any stability, and unless the investor has spare money to burn, the investor would be wise to avoid it like the plague.
 

rrwards

Posts: 188   +341
Here we go again. Yet another ride courtesy of crapto masquerading as an investment. :rolleyes:

IMO, anyone "investing" in crapto should not expect stability. If stability is the goal then there are other investments out there that are, by far, better than crapto. Any investment offering the possibility of the crazy returns that crapto offers is a risky investment, IMO, and unlikely to offer any stability, and unless the investor has spare money to burn, the investor would be wise to avoid it like the plague.

How clever did you feel using "crapto" throughout this comment?
 

Neatfeatguy

Posts: 431   +694
I don't think Amazon accepts paypal? Credit cards only but don't know maybe they do on some places? Legit don't know but iirc they don't do paypal.
Last time I bought something off Amazon (it's been probably a year now), they did not offer Paypal as a payment option.

If you must pay with Paypal, the only way I can think of to bypass it is to find a spot you can purchase Amazon egift cards and pay for them via Paypal, then apply the egift card to your Amazon account.
 

wiyosaya

Posts: 6,363   +4,675
Hmmm not really. It still holding up at around $38k which is fantastic... Plunges would be back to like $29k. Don't post misinformation, because now the PONZI schemers will come on here.
IMO, mis-information would be telling everyone that crapto is a great investment with a guaranteed return (which if you were a securities broker, would likely lead to you getting charged by the SEC, because, doing so is illegal). Maybe its variation is within your tolerance levels, but that does not in any way mean or imply that it is within everyone's tolerance levels.

IMO, it is nowhere near a solid "investment" when some Joe from who-knows-where can post what sounds like garbage information, and the price goes crazy. Maybe that is not your way of describing what happened, but it is mine.
How clever did you feel using "crapto" throughout this comment?
If you disliked my post that much, why did you not just report it instead of trying to be "clever" yourself?
 

McMurdeR

Posts: 325   +318
What plunge? The slight ups and downs it's been seeing the past month? No plunge here, folks. Nothing to see and read, but click bait. Move along!

Let's put it this way... if normal salaries were paid in bitcoin there'd be a panic. It's a lot of things, but it hasn't shown much stability. It seems to be particularly vulnerable to off -the -cuff social media posts and so on.
 

m4a4

Posts: 2,486   +2,863
TechSpot Elite
IMO, mis-information would be telling everyone that crapto is a great investment with a guaranteed return (which if you were a securities broker, would likely lead to you getting charged by the SEC, because, doing so is illegal). Maybe its variation is within your tolerance levels, but that does not in any way mean or imply that it is within everyone's tolerance levels.

IMO, it is nowhere near a solid "investment" when some Joe from who-knows-where can post what sounds like garbage information, and the price goes crazy. Maybe that is not your way of describing what happened, but it is mine.

If you disliked my post that much, why did you not just report it instead of trying to be "clever" yourself?
Report it for what? Being cringe? Lol, just keep using childish terms, it'll help the more mature here know who's opinion is worth looking at.

Ps. It's still far higher than it was a few days ago before the rumour. So, stop trying so hard being anti-crypto, it doesn't change the facts. The headline is just troll bait as you've proved.
 

wiyosaya

Posts: 6,363   +4,675
Report it for what? Being cringe? Lol, just keep using childish terms, it'll help the more mature here know who's opinion is worth looking at.

Ps. It's still far higher than it was a few days ago before the rumour. So, stop trying so hard being anti-crypto, it doesn't change the facts. The headline is just troll bait as you've proved.
Good luck with your cultish devotion to an unstable investment.
 

Avro Arrow

Posts: 1,713   +2,021
TechSpot Elite
I don't think Amazon accepts paypal? Credit cards only but don't know maybe they do on some places? Legit don't know but iirc they don't do paypal.
I could be wrong, I could've sworn that I saw PayPal as an option... Oh wait, no, my bad. It was newegg. They look pretty similar and I got them mixed up in my head. I almost never buy anything from Amazon (It'll be a year since I've purchased anything there come August).

So yeah, Amazon doesn't accept PayPal but I don't see that as making much difference because there are SO MANY e-tailers that do. I found an absolutely MASSIVE list of e-tailers that accept PayPal:
E-Tailers that accept PayPal

We're talking huge names like American Airlines, Airbnb, Aeropostale, British Airways, Nautica, Foot Locker, Groupon, JetBlue, GNC, Kenneth Cole, Netflix, Nike, New Balance, Under Armour, etc.

Even if Amazon doesn't take PayPal, the fact that all of those other e-tailers do gives real value to cryptocurrencies (the ones that PayPal accepts anyway).
 
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captaincranky

Posts: 17,147   +5,908
Hmmm not really. It still holding up at around $38k which is fantastic... Plunges would be back to like $29k. Don't post misinformation, because now the PONZI schemers will come on here.
So now you're trying to manage who is allowed to post to these threads?
Which is then followed up with a bunch of semantic nonsense like, "when is a plunge not a plunge"?

Maybe some of the coin enthusiasts are correct in calling this article, "clickbait".

Piece of advice though, don't forget to cut the barb off the hook before you try to pull it out of your mouth.
 

Avro Arrow

Posts: 1,713   +2,021
TechSpot Elite
Here we go again. Yet another ride courtesy of crapto masquerading as an investment. :rolleyes:

IMO, anyone "investing" in crapto should not expect stability. If stability is the goal then there are other investments out there that are, by far, better than crapto. Any investment offering the possibility of the crazy returns that crapto offers is a risky investment, IMO, and unlikely to offer any stability, and unless the investor has spare money to burn, the investor would be wise to avoid it like the plague.
Well, to be fair, that graph shows trading over a 24H period which is essentially useless because it could shoot back up again the next day. It's like looking at the WORST trading day for Nasdaq and assuming the sky permanently fell.

Having said that, I agree with you that investing in Crypto is a terrible idea. I used to live in an apartment that had heat and hydro included in my rent. Now, if I still lived there, I'd have two or three computers mining the hell out of whatever was good at the time because it would be essentially free. No risk in that scenario but you're right, I would NEVER invest any REAL money into it unless I had money that I was perfectly ok with losing. While I know I'm successful enough that I wouldn't lose my shirt, I'd be angry with myself for being so stupid.

It's like you say, volatile investments do have the greatest possibility of massive returns in a short period of time but they're also the most likely to wipe you out just as quickly.

Hmmm not really. It still holding up at around $38k which is fantastic... Plunges would be back to like $29k. Don't post misinformation, because now the PONZI schemers will come on here.
You're right it is holding and there's no argument there. The question is, how long will it stay that way? The mining craze of 2017 had crypto-currencies sitting pretty for a good long time but the bust did come less than 2 years later. There's no way to know if that will happen again. Hopefully it won't because since PayPal accepts it, cyptocurrency value is backed by all of the e-tailers that accept PayPal (and some are pretty huge).

IMO, mis-information would be telling everyone that crapto is a great investment with a guaranteed return (which if you were a securities broker, would likely lead to you getting charged by the SEC, because, doing so is illegal). Maybe its variation is within your tolerance levels, but that does not in any way mean or imply that it is within everyone's tolerance levels.

IMO, it is nowhere near a solid "investment" when some Joe from who-knows-where can post what sounds like garbage information, and the price goes crazy. Maybe that is not your way of describing what happened, but it is mine.
And you would be correct. If the market reacts so strongly to things that non-governmental public figures say, it is by no means a hard currency and is not what I would call a "wise investment".
Piece of advice though, don't forget to cut the barb off the hook before you try to pull it out of your mouth.
That's probably good advice. :laughing:
 
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negroplasty

Posts: 547   +36
Boy, this article sure aged well… like a moldy cheese. Where’s the new headline for the huge surge back to 40k (40.7 at time of writing, to sound like a tool)? Oh wait, it was a clickbait non starter to begin with, and anyone who’s watched a crypto market for more than five minutes would have quickly disregarded as nothing special and moved on with their day. Hope the lesson was learned and we don’t see this nonsense back on the front page. There was nothing newsworthy about this… at all.
 

sac39507

Posts: 393   +204
Last time I bought something off Amazon (it's been probably a year now), they did not offer Paypal as a payment option.

If you must pay with Paypal, the only way I can think of to bypass it is to find a spot you can purchase Amazon egift cards and pay for them via Paypal, then apply the egift card to your Amazon account.

Don't know how the crypto part with PayPal works, but you can enable a feature called PayPal Key that I believe creates a MasterCard Credit Card account that ties to your Pay Pal account. That has been my workaround to using PayPal at places that don't take PayPal as payment.