BREAKDOWN: Are Amazon Rumors Behind Bitcoin’s Biggest Surge in Months?

This weekend’s upward market movements could have come from a variety of driving forces.

This episode is sponsored by NYDIG.

Crypto’s green weekend was the biggest surge in recent months. On this episode of “The Breakdown,” NLW analyzes the various forces behind the success, including:

  • An Amazon job posting and token rumor
  • Viral tweets from a teenager and an astrologist
  • Market structure explanations

The first piece of news from Amazon was in the form of a “Digital Currency and Blockchain Lead” job posting. Next, a self-proclaimed Amazon insider told London-based newspaper City A.M. the job requisition was part of a larger Amazon-crypto strategy, even hinting at the possibility of a token. How legitimate is this “insider”? 

Two viral tweets, one from TikTok influencer Teen Executive and another from astrology and bitcoin enthusiast Maren Altman, seemed to point to this weekend as the time for upward volatility. Could these two tweets have sparked market movement?

Though prices are undeniably impacted by narratives, market structure is often the underlying and logical explanation. In this weekend’s case, a short squeeze could be the simplest answer. Were unwinding short positions the driving factor behind price?

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”The Breakdown” is written, produced by and features NLW, with editing by Adam B. Levine/Adrian Blust and additional production support by Eleanor Pahl. Adam B. Levine is our executive producer and our theme music is “Countdown” by Neon Beach. The music you heard today behind our sponsor is “Razor Red” by Sam Barsh. Image credit: Alex Wong/iStock/Getty Images, modified by CoinDesk.