Bitcoin’s price volatility has been the topic of much debate among analysts in the past few months. A growing number of companies have begun to accept cryptocurrencies as payment prompting price surges.
Amazon has denied reports speculating the e-commerce giant is taking steps to accept bitcoin as payment by the end of 2021.
An unnamed insider told City AM newspaper the retailer was looking to include the cryptocurrency as an acceptable form of payment by the end of the year.
The news prompted a surge in the price of bitcoin of 14.5 percent.
However, the denial quashed these rises.
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Currently, the price of Bitcoin is up 7.31 percent, ethereum is up 3.53 percent and dogecoin is up 4.15 percent in the past 24 hours, as of 11.10am on May 17.
In addition, many of the digital coins have seen a sustained rise in the past seven days, with bitcoin rising 27.2 percent, ethereum rising 20.97 percent and Dggecoin increasing by 12.3 percent.
Even cardano, which promotes itself as a sustainable coin has improved amid the upward turn of digital coins rising 3.39 percent in the past 24 hours and 13.75 percent in the last seven days.