Cryptos Drop As Amazon Denies Bitcoin Payment Plans

Cryptocurrencies dipped on Tuesday after Amazon came out to flatly deny circulating reports that it was planning to accept bitcoin payments by the year's end.

Bitcoin, which had previously pumped above $40,000, dropped to $37,225 as of report time and is down 4 percent in the last 24 hours. Bitcoin had its biggest daily gain in a long time yesterday when it gained up to $6,000.

Other major cryptocurrencies fell, including ether (-7%), ripple's XRP (-6%), dogecoin (-11%), etc.

“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true,” a spokesperson for Amazon said on Monday. “We remain focused on exploring what this could look like for customers shopping on Amazon.”

The report earlier Monday by City A.M., which is distributed for free on the London Underground, cited a single, unnamed “insider.” Nevertheless, many cited it as one reason for the bitcoin price’s rebound after dipping below $30,000 last week.

However, as the spokesperson’s comment suggests, Amazon is testing the waters, even if the reports of the company diving in were overstated.

Last week the company said it was seeking to hire a “digital currency and blockchain product lead.”