Crypto Soars Higher In Early Asia Trading, Bitcoin Nears $40k

Tyler Durden's Photo
by Tyler Durden
Monday, Jul 26, 2021 - 02:29 AM

As Asian investors woke this morning, crypto markets have roared higher...

Source: Bloomberg

That is jump of over 30% from the below-$30k lows ahead of last week's much anticipated "B-Word" conference with Elon Musk and Jack Dorsey...

Source: Bloomberg

This is the biggest jump since early May and second biggest since February.

The catalyst for the move remains uncertain but we note that Bitcoin broke above its 50DMA and is testing up towards its 100DMA...

Source: Bloomberg

Others suggested it is pre-emptive buying ahead of TSLA's earnings this week, anticipating a pro-crypto message.

Still more pointed out the headlines around Amazon ramping up its crypto team and hopes for more widespread adoption could be a driver.

CoinTelegraph reports that an anonymous source within Amazon has reportedly told London business newspaper City A.M. that the e-commerce giant is planning to accept Bitcoin (BTC) payments by the end of 2021, possibly setting the stage for broader mainstream acceptance of crypto transactions. 

“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,” the anonymous source told City A.M., according to a report published on Sunday

She indicated that, while Bitcoin is the first step in Amazon’s crypto ambitions, executives at the company were keen to add other established cryptocurrencies in the future.

The “directive is coming from the very top,” referring to Jeff Bezos, she said, adding:

“This entire project is pretty much ready to roll.”

Finally, we note that Japanese markets were closed Thursday/Friday for the Olympics and so this morning represents a reopening of liquidity from those markets.

Bitcoin was not alone with Ethereum spiking above $2300...

Source: Bloomberg

Is The Fed's recent rebound in its balance sheet signaling time to rotate back into bubble markets?

Source: Bloomberg

Get back to work Mr.Powell.