Over $640 Million of Short Positions Liquidated

Bitcoin (BTC) has skyrocketed 15% today moving all the way past $38,500 in a strong bounce back. The news that e-commerce giant Amazon is working to integrate Bitcoin payments at their end has brought all the fireworks.

At press time, Bitcoin (BTC) is trading at $38,315 with a market cap of $719 billion. Over $640 million of short positions have been liquidated in just the last one hour. Citing data from Bybt.com, Chinese journalist Colin Wu reported:

“Today’s liquidation volume has exceeded 800 million U.S. dollars, and the main short order has been liquidated. The short order liquidation amount in the past hour reached 640 million U.S. dollars, which is the largest single-day liquidation volume in more than two months”.

Last Saturday, July 25, CoinGape reported that Amazon is looking to hire a product lead for its crypto and blockchain division. In a further development, an insider source told the City AM news publication that Amazon is ‘definitely’ looking to launch Bitcoin and crypto payments by the end of this year. The source said:

“This isn’t just going through the motions to set up cryptocurrency payment solutions at some point in the future – this is a full-on, well-discussed, integral part of the future mechanism of how Amazon will work. It begins with Bitcoin – this is the key first stage of this crypto project, and the directive is coming from the very top…” Read more...