Bitcoin gained over 13% in value this morning, giving it a big rebound from quotations of cryptocurrencies since their recent crash.
The largest cryptocurrency in the world climbed to $ 39.179,82 on the Luxembourg-based Bitstamp exchange at 10:30 am, which is partly a natural correction given the recent crisis.
Does Amazon prepare cryptocurrency payments?
It is also a response to an unconfirmed report from London newspaper City AM that Amazon is preparing to accept Bitcoin as a payment method, as well as working on its own token concept. Amazon did not immediately respond to a request for comment.
“Over the past two or three months, we have seen Bitcoin retreat after a historic rally to $ 64.000. This is quite normal with any meteoric rise in the price of an asset, ”said Vijay Ayyar, head of business development at cryptocurrency firm Luno.
"While we had a 50% correction as the first stop in a corrective rally, we are potentially seeing the immediate rebound that could take Bitcoin above $ 40.000, to around $ 45.000 to $ 48.000," he said.
The relaunch in Bitcoin's price has brought its market cap back down to just under $ 796 billion and means the cryptocurrency has risen more than 32% since it dropped to $ 29.539 during Tuesday's crash.
Other cryptocurrencies also rebounded in value on Monday, with Ether trading more than 10% higher at $ 2.385,60 and XRP up 11% to $ 0,675.
The rebound could continue
Cryptocurrency traders also appear to be less concerned about the threat of regulation, at least in the US, according to Naeem Aslam, chief market analyst at broker Avatrade.
A number of wealth managers have been waiting for the Securities and Exchange Commission to approve their applications to create a Bitcoin exchange-traded fund, but the regulator has yet to give the green light to anyone.
A Grayscale-managed Bitcoin Trust currently has more than $ 21 billion in assets under management, but charges investors 2% annual fees.
“It seems more possible today for the SEC to pass the Bitcoin ETF, whenever that happens,” Aslam said. "In terms of Bitcoin price action, we are more focused on the $ 45.000 level and once the price is above it is very likely that more bullish bets will come to the market."
A Bitcoin ETF controlled by Canadian digital asset manager 3iQ is already listed on the Toronto stock exchange and recently secured a secondary listing on the Dubai Nasdaq.
And what do you think of this bitcoin rebound? If Amazon really were to accept cryptocurrencies, would we be facing a new industrial revolution? Let us know in the comments below.
