Bitcoin rushed close to $40,000 as a crypto-related job ad from Amazon.com Inc. strengthened conjecture around the company’s participation in the manufacturing.
The job posting, which was reported by CoinDesk last week, said the Amazon is looking for an executive to develop the company’s “digital currency and blockchain strategy.” Analysts have also wondered whether the move could eventually lead to Amazon accepting Bitcoin as a method of payment.
Bitcoin rose 11% to $38,302 as of 11:07 a.m. in London, and earlier prices came within a few hundred dollars of reaching the $40,000 mark. Ether and other digital currencies also advanced.
The surgeon Monday brought crypto markets back to life after they’ve been stuck in the doldrums for months. There’s been little volatility in Bitcoin since mid-May and the enthusiasm for crypto has dissolute amid a regulatory crackdown in China and criticism for its toll on the environment.
Some analysts said short-covering also fueled the gain. More than $940 million of crypto shorts were liquidated on Monday, the most since May 19, according to data from Bybt.com.
“The degree of the jump was perhaps ambitious by over-leveraged shorts,” said Vijay Ayyar, the skull of Asia Pacific at crypto exchange Luno in Singapore.