Rumours that Amazon is considering crypto are boosting confidence in Bitcoin.
Bitcoins are Back
Is Bitcoins' slide into oblivion over?
CoinDesk reports that cryptocurrency's value jumped to $39,000 last night. This is a jump of nearly 12 percent in the past 24 hours and the latest drama for unpredictable digital money.
CNBC reports that speculations that Amazon might be entering the crypto market are what fueled Bitcoin's resurrection from the dead. CNBC reports that Amazon is looking for a lead in digital currency and blockchain products. This suggests that they could be moving into the sector or even accepting cryptocurrency payments from online customers.
It is a single job posting and Amazon has not yet announced plans to enter the cryptocurrency space. CNBC was told by a spokesperson that Amazon is inspired and exploring the possibilities of what the crypto space could look like.
Boom and bust
Then there was the possibility that Tesla CEO Elon Musk suggested at a Blockchain Conference last week that Tesla might accept Bitcoin for car payments again, after having reversed similar plans in May. Musk revealed that SpaceX is also hoarding Bitcoin, and not Tesla.
Bitcoin and other cryptocurrency like it have experienced many boom and bust cycles. This year is just the latest.
The year has been a disaster for cryptocurrency, even by its chaotic standards. However, China announced a crackdown against all cryptocurrency mining activities within its borders. Bloomberg reports that experts believe that the crackdown could lead to an outright ban.
It is not clear if this could slow down Bitcoins revival this week. It is high-risk to invest in crypto, it is obvious.
READ MORE: Bitcoin reaches $39,000 for the first-time in 6 weeks [CNBC]
Elon says SpaceX is also hoarding Bitcoin and not just Tesla
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