Bitcoin dropped sharply to $37,000 from a Monday peak above $40,000 after Amazon offered a qualified denial of a weekend news report that said it was preparing to accept cryptocurrencies. "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."
The price of Bitcoin (BTC) has surged more than 10% over just a few hours earlier today, with prices quickly surging from roughly $35,000 to tag just shy of $40,000 on Monday.
Price action shows a violent short squeeze that occurred as prices broke above $35,000, with bullish momentum suddenly accelerating as prices quickly rallied 15% from roughly $34,000 to $39,800 over the course of less than three hours.