Bitcoin jumps on speculation about Amazon considering crypto sector

Bitcoin’s price surged again on Monday after speculation that Amazon may be entering the cryptocurrency sector after it posted a job seeking for a product leader to develop its digital currency.

Bitcoin jumped more than 14 per cent in the past 24 hours, nearly reaching $40,000 per unit before settling closer to $37,000. The five-week intra-day high reached Monday comes after a long slide where it dipped under $30,000 from an April high of nearly $65,000.

There is also speculation that the price surge may have also been a result of traders buying up bitcoin to fill positions they were short on, having bet its value would fall further. But it’s difficult if not impossible to track short positions on the cryptocurrency.