Crypto Market Tanks 4% after Amazon Trashes Payment Speculation

The global crypto market tanked to $1.45 trillion after reaching an intra-day high of $1.59 trillion early morning today. This trend-reversal was initiated after an official statement by Amazon squashed the speculation that the company plans to adopt Bitcoin and crypto payments. On the 24-hour period ending 9 am IST, the overall market cap has declined by 4.4 per cent though trade volumes increased 26 per cent on the back of momentum gained yesterday.

Bitcoin (BTC), which hit an intra-day high of $40,300, retraced some of its gains and is now trading at $36,700 levels in a reversal of fortunes. Earlier today, BTC surged forward to cross the $40,000 level for the first time in July aided by a 27 per cent increase in trade volume.

Ethereum (ETH), which has had an 88 per cent monthly correlation with BTC prices, crossed $2,400 levels and looked set for a stronger run before ending the day at $2,180, a 5.6 per cent decline from previous day. 

All the top 20 cryptocurrencies have declined post BTC’s reversal with Dogecoin (DOGE) and Ethereum Classic (ETC) dropping by more than 10 per cent today. BTC's market dominance is now at 47.6 per cent.

Investors, who had much to cheer hours earlier, are now on the lookout for BTC to rebound strongly from its $36,400 support level.

Top Gainers today:

1. SwissBorg (CHSB): 6.9%
2. OKB (OKB): 2.9%
3. Revain (REV): 1.4%

Top Losers today:

1. Amp (AMP): -14.3%
2. SushiSwap (SUSHI): -13.3%
3. Theta (THETA): -12.9%

The analysis includes the top 100 coins only as of 9 am IST

Source: CoinMarketCap

Crypto News at a Glance:

1. Binance, a global cryptocurrency exchange, has announced that it is stopping margin trading involving pound sterling (GBP), euro (EUR) and Australian dollar (AUD). The exchange had announced last week that it is dropping its futures leverage limit to 20x for new users. Binance has been facing regulatory pressures in multiple countries and had ceased its stock market token offering earlier this month.
2. Goldman Sachs, a top investment bank, has filed an application with the US Securities and Exchange Commission (SEC) to offer an exchange-traded fund (ETF) based on Decentralized Finance (DeFi) and blockchain. 
3. E-commerce firm Shopify has announced that it will directly support the sale of Non-Fungible Tokens (NFTs) on its website to select users.
4. The total number of crypto ATMs installed globally has increased by 70 per cent to 24,000 this year according to data from Coin ATM Radar. Crypto ATMs are currently installed in 70 countries, though a majority is based out of US.

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