Bitcoin surged above $40,000 for the first time in nearly six weeks on Monday as sentiment turned bullish following a recent sell-off.
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The cryptocurrency traded above the key level briefly, reaching $40,245 by 3:30 p.m. ET, according to Coin Metrics data. Bitcoin last traded above the $40,000 level on June 16.
Bitcoin’s price retreated later Monday after Amazon denied City A.M.’s report that the retail giant would start accepting bitcoin for payments this year.
Amazon on Friday confirmed it is looking to add a digital currency and blockchain expert to its payments team, suggesting it could be taking a closer look at bitcoin and other cryptocurrencies.
“Notwithstanding our interest in the space, the speculation that has ensued around our specific plans for cryptocurrencies is not true. We remain focused on exploring what this could look like for customers shopping on Amazon,” an Amazon spokesperson said in a statement to CNBC.
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The moves in the cryptocurrency’s price comes after bitcoin recently fell below $30,000 after a global sell-off in stocks, sparking fears that it could plunge even further.
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