Publish date:

Cryptocurrency Price Check: Bitcoin Rises on Amazon Crypto Speculation

Bitcoin climbs on speculation that Amazon might be entering the crypto arena.

Bitcoin prices rose to a six-week high Monday, driven by speculation that internet retail giant Amazon  (AMZN) - Get Amazon.com, Inc. Report could be entering the cryptocurrency sector.

Bitcoin, the world's largest cryptocurrency, was up nearly 13% to $38,862, according to CoinDesk. Ethereum rose 9.4% to $2,356, while Dogecoin advanced 14.4% to 22 cents.

Amazon recently posted a position for a digital currency and blockchain product lead on its site, hinting at a potential crypto integration in the future.

A search on Amazon's job board for "blockchain" turned up 74 results for various blockchain specialist and development roles.

Also, Twitter  (TWTR) - Get Twitter, Inc. Report CEO Jack Dorsey confirmed to investors Friday that Bitcoin will be a “big part” of the company’s future.

TheStreet Recommends

Telsa  (TSLA) - Get Tesla Inc Report founder and CEO Elon Musk said last week that his company will "most likely" resume accepting Bitcoin as payment after he declared a pause earlier this spring amid concerns over the environmental impact of bitcoin mining.

The Chinese government has been cracking down on cryptocurrency and analysts said U.S. regulators were likely to step up their scrutiny as well.

David Lesperance, managing partner of Lesperance & Associates, noted that Sam Bankman-Fried, the founder of the cryptocurrency exchange FTX, and Changpeng Zhao, the founder of Binance, may "have painted a target on their banks by bragging to The New York Times that they like to operate beyond the scope of US regulatory authorities."

He added that the two men "better have a backup plan in place as they have just waved a bright red flag in front of US regulatory bulls.”

Watch the full webinar sponsored by VanEck to hear more insight about the evolution of blockchain and how the foundation of crypto Is changing fintech.

See All Video Highlights Below: