On July 26, the crypto asset market ushered in a sharp rise for the first time in two months. BTC's opening price of 35,380 US dollars hit a maximum of 39,799 US dollars, the largest increase in the day 12.49%. Mainstream assets such as ETH, LTC, and UNI rose simultaneously, and the market swept away from the past haze.
In the two months after the "5·19" plunge, the crypto asset market has been showing a downward trend in volatility until July 21, during the "The B Word" Bitcoin Summit. Participants included Tesla founder Elon Musk. The big bosses of traditional technology companies have expressed their optimism about Bitcoin, and the horn of a market rebound seems to have been sounded.
From July 21st to 26th, BTC rose from 29,800 US dollars to a maximum of 39,799 US dollars, an increase of 33.55%. In the same period, ETH rose by 33.8%, and LTC rose by 30.3%.
Jack Dorsey, the CEO of social giant Twitter, also publicly announced on July 23 that BTC will become an "important part" of the company in the future. He plans to integrate BTC into Twitter's special attention, subscription, and paid tweets. And the mobile payment company Square founded by Dorsey got involved in Bitcoin payment solutions as early as 2014.
On the 26th, the highest one-day increase in recent days, according to London business newspaper CityAM, Amazon insiders revealed that the e-commerce giant plans to accept Bitcoin payments by the end of 2021. The news is regarded by analysts as a greater benefit than "Tesla accepts BTC payments." "If it comes true, it will greatly increase the market demand for BTC."
In response to BTC, Tesla, Twitter, Square, and Amazon have all thrown olive branches, and they have also become catalysts for this wave of market sentiment. More importantly, these Internet giants may really promote the large-scale application of BTC in the payment field and bring encrypted assets onto a wider stage.
The crypto asset market rebounded across the board, BTC rose more than 10% in a single day
After the "5·19" plunge, the crypto asset market experienced a long process of weakness and turbulence. Until recently, the entire market began to regain its vitality, and once there was an exciting rebound in the market.
On July 26, BTC opened from US$35,380 to a maximum of US$39,799. The largest increase reached 12.49%, which was the largest intraday increase since May. As of 3 o'clock in the afternoon of the same day, ETH rose from 2189 US dollars to 2390 US dollars, the biggest increase reached 9.18%. In addition, mainstream assets such as LTC, UNI, and DOT have been on the rise, all rising by about 10%.
Before this round of big rebound, the crypto asset market has been out of rising prices for 5 consecutive days. On July 21st, BTC opened at 29,800 US dollars and rose 7.88% to 32,140 US dollars that day, ending the turbulent decline. In the following days, BTC continued to rise until it returned to above 39,000 US dollars. Within 6 days, BTC rose from US$29,800 to a maximum of US$39,799, an increase of 33.55%. In the same period, ETH rose by 33.8%, and LTC rose by 30.3%.
BTC rose more than 30% in the past 6 days
If in a bull market up cycle, such an increase would not come as a surprise, but as the prices of mainstream assets such as BTC halved in late May, the vitality of the crypto asset market was severely damaged and showed a volatile downward trend for two consecutive months. Nowadays, as the price of the currency has begun to rebound strongly, there has been more discussion about the return of the bull market.
After every big rise or fall, people always hope to find the reason behind it. Looking back, this big rally overlapped in time with the "The B Word" Bitcoin Summit held on July 21. The voice of the bigwigs conveyed at the summit became a catalyst for bullish sentiment in the market.
As the official introduction, this summit focused on Bitcoin, aiming to eliminate the stigmatization of the mainstream media and business leaders’ narratives of Bitcoin, explain to them the reasons for adopting cryptocurrency and how institutions accept it, and work together to solve the problem in the network. problem.
The summit attracted the attention of the outside world because of the weight of the guests. Tesla founder Elon Musk, Twitter CEO Jack Dorsey, and Ark Investment founder Cathie Wood all participated in the summit and expressed their opinions on Bitcoin at the meeting. Cryptocurrency support. Among them, Musk revealed that if the proportion of BTC mining using renewable energy exceeds 50%, Tesla may consider resuming the acceptance of BTC as a payment method. This news first detonated the market, and the price of BTC also increased by 7% on the same day.
In the next few days, the crypto asset market has maintained an upward momentum, but the gains have gradually diminished, so why did the currency market break out again on the 26th?
Tech giants Twitter and Amazon "provide assists''
During the crypto asset market and the 26th rising period, the news that "Amazon plans to accept BTC payments" was widely circulated. According to London business newspaper CityAM, an anonymous source inside Amazon stated that Amazon plans to accept Bitcoin payments before the end of 2021. The person also revealed that this instruction comes from the highest level, and the entire project is almost ready.
The outside world speculates that the so-called "top level" of the above-mentioned sources is Amazon founder Jeff Bezos. If the helm of this Internet e-commerce giant personally issues instructions, then Amazon accepts Bitcoin payments. The possibilities are greatly increased.
After the news was exposed, the crypto asset market rose rapidly, and BTC, which was at the center of the topic, rose the most rapidly. In fact, there was news on July 23 that Amazon is hiring a digital currency and blockchain-related product leader. The incumbent will work in Amazon’s payment experience team and will be responsible for formulating Amazon’s digital currency and Blockchain strategy, and plan product roadmap. Recruitment requirements include in-depth knowledge of the digital currency or cryptocurrency ecosystem and related technologies.
In addition, Amazon also recruited a technical leader in February this year to help develop its new "digital and emerging payment" platform. Judging from these two recruitment information, Amazon's acceptance of BTC payments is not groundless.
In fact, rumors of Amazon accepting BTC payments have been circulating for a long time. As early as 2014, American online retailer Overstock announced that it would accept BTC payments. Patrick Byrne, then CEO of the company, said that Amazon will eventually accept BTC payments. During the 2017 bull market, rumors that Amazon considered BTC as a payment method became popular.
Analysts believe that if Amazon really accepts BTC shopping, the positive effects may be stronger than Tesla. After all, online shopping is a more frequent payment scenario than buying a car.
According to a survey of 1,000 American consumers by Dealaid.org in February this year, 60.2% of consumers hope that more companies will accept BTC payments. Among them, Amazon, Apple and Wal-Mart are the companies that consumers most hope to accept BTC payments.
Users have demand, the market has precedents, and there are internal revelations. The rumors of Amazon accepting Bitcoin payments this time are extremely realistic. The authoritative voice supporting Bitcoin comes from Twitter.
On July 23, Twitter CEO Jack Dorsey stated publicly that “Bitcoin will become an “important part” of the company in the future.” Dorsey planned an application scenario for Bitcoin on Twitter. He revealed that BTC can be integrated into Twitter’s Among the products, such as Super Follows (special attention), Commerce (commercial advertising), Subscriptions (subscription) and Tip Jar (paid tweets).
Although Jack Dorsey has long been a loyal supporter of BTC, this is the first time he has talked publicly about how to integrate BTC into his product matrix on Twitter. Dorsey also emphasized that Bitcoin, together with artificial intelligence and decentralization, will become the three main trends of Twitter in the future. He believes that Twitter, as a global social networking site, needs a "local currency" of the Internet, BTC Is the best choice.
Compared with Amazon's acceptance of BTC payment, which has yet to be officially announced, Twitter has actually put BTC into its development plan. This news has obviously also played a positive role in the rebound of the crypto asset market.
At the same time, it is worth paying attention to Dorsey's another identity. He is also the founder of the American mobile payment company Square. The company invested 50 million US dollars to buy BTC as early as October 2020. Its financial report for the fourth quarter of 2020 shows , It subsequently increased its holdings of Bitcoin worth 170 million U.S. dollars.
Not long ago, on July 16, Dorsey revealed that Square is building a developer platform with the purpose of allowing developers to launch non-regulated, approval-free, decentralized BTC financial services. Last month, Dorsey also announced that Square is developing a cryptocurrency hardware wallet.
If the relationship between Twitter and payment is not so close, Square's investment and business layout around BTC is part of the payment field. If Amazon next announces the acceptance of BTC payments, then this "peer-to-peer electronic payment system" originally designed by Satoshi Nakamoto will be used in the payment field on a large scale in a true sense.
In the past, El Salvador established BTC as legal tender. Later, Internet giants such as Twitter and Amazon offered an olive branch to BTC. These news have soaked investor sentiment, and the more important significance is that the entry of sovereign states and business giants has provided the possibility of large-scale popularization of the encrypted asset market.
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