2021-07-27 02:40:00

Bitcoin, Ethereum, Dogecoin Rally Threatened As Amazon Denies Reports Of Crypto Foray

The rally in major coins slowed down in pace Monday evening. The global cryptocurrency market was up 1.87% to $1.47 trillion.

What Happened: Bitcoin (CRYPTO: BTC) traded 3.02% higher at $37,327.34 over 24 hours. For the week, BTC has soared 21.05%.

Ethereum (CRYPTO: ETH) traded 0.82% lower at $2,231.18. On a seven-day trailing basis, ETH traded 22.72% higher.

The Shiba Inu-themed Dogecoin (CRYPTO: DOGE) traded 0.06% higher at $0.20. Over a week’s time, the cryptocurrency has risen 17.69%.

See Also: How To Buy Dogecoin (DOGE)

The top gainer over 24 hours on Monday evening was SwissBorg (CRYPTO: CHSB), which rallied 11.02% to $0.68. CHSB rose 7.56% and 12.39% against BTC and ETH, respectively.

The coin that seeks to address personal finance and Swiss private banking is up 35.93% over a seven-day trailing period.

Other notable gainers over 24 hours included Holo (CRYPTO: HOT), BitTorrent (CRYPTO: BTT), and AMP (CRYPTO: AMP).

HOL traded 10.56% higher at $0.006, BTT was up 10.21% at $0.0026 and AMP traded 10.11% higher at $0.665.

Why It Matters: On Monday, Amazon.com, Inc (NASDAQ:AMZN) denied media reports which stated that the tech giant was exploring adding BTC as a payments option by end of the year, according to Reuters.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” said an Amazon spokesperson.

Amazon news aside, open interest data suggests volatility ahead, according to on-chain data analytics firm Glassnode.

The perpetual futures market was mostly muted over the past two months, but over the last week, perpetual open interest rose $1.4 billion paralleled with a rally in BTC price, as per Glassnode.

See Also: Bitcoin Teases $40,000 — Are We Seeing A Short Squeeze?

“Often-times, elevated open interest starts to increase probabilities of a volatile leverage squeeze occurring,” the company wrote in a newsletter.

On Monday, nearly $120 million in shorts were liquidated in an hour, which points to a short squeeze being the main driver of recent Bitcoin price increases, as per Glassnode.
Read Next: Elon Musk Suggests Tesla Could Resume Accepting Bitcoin Soon

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