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Surprise Tech Giant Support Suddenly Sends Bitcoin, Ethereum, BNB, XRP And Dogecoin Sharply Higher

Surprise Tech Giant Support Suddenly Sends Bitcoin, Ethereum, BNB, XRP And Dogecoin Sharply Higher
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Bitcoin and cryptocurrency prices rose suddenly after a turbulent week for cryptocurrency traders.

Bitcoin price has added around 7% over the past 24 hours, while Ethereum, Binance’s BNB, Ripple’s XRP, and dogecoin are up between 5% and 10% — driving the combined cryptocurrency market cap up by $200 billion since Wednesday.

Bitcoin and Cryptocurrency Market Boost Comes After Tech Giants Twitter

TWTR
and amazon

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Both revealed that they take cryptocurrencies seriously, adding to the Elon Musk-fueled Bitcoin, Ethereum and Dogecoin price increases.

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More from ForbesTesla and SpaceX Billionaire Elon Musk Double Down on Dogecoin and Ethereum’s Plan to Beat Bitcoin Amid Crypto Price Bounce

On Thursday, Twitter and Square

mint
CEO Jack Dorsey, a fierce supporter of bitcoin, told Twitter investors that bitcoin will be a “big part” of the company’s future.

Dorsey said bitcoin could help the social media giant move faster in terms of its product expansions and is a “best candidate” to become the “local currency” of the internet, Dorsey said, speaking on a second-quarter earnings call on Twitter.

“If the internet had a native currency, or a global currency, we could move faster with products like Super Follows, Commerce, Subscriptions and Tip Jars, and we could reach everyone on the planet because of that instead of going under a market-by-market approach.”

Meanwhile, online retailer Amazon is looking to hire an expert in cryptocurrency and blockchain, according to a recent job posting.

“You will leverage your domain expertise in blockchain, distributed ledger, central bank digital currencies and cryptocurrencies to develop a case for capabilities to be developed, drive the overall vision and product strategy, and gain leadership support and investment for new capabilities,” the publication, first reported by from the inside, read.

An Amazon spokesperson said from the inside Amazon eventually wants to accept cryptocurrency from its customers.

“We have been inspired by the innovation happening in the crypto space and are exploring what this might look like on Amazon,” the spokesperson said. “We believe the future will be built on new technologies that enable modern, fast and inexpensive payments, and we hope to bring that future to Amazon customers as soon as possible.”

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More from ForbesCryptocurrency Price Prediction: Bitcoin Will ‘Exceed’ the Dollar by 2050 and Rise to $66,000 by End of 2021

Earlier this week, the crypto community grabbed an online discussion between Dorsey and Tesla

TSLA
Billionaires Elon Musk and Kathy Wood of Ark Invest.

“I may be pumping but I’m not getting rid of it,” Musk said, explaining that his rocket company SpaceX has joined with Tesla in holding bitcoin while he personally holds some Ethereum tokens. The meme-based dogecoin, which Musk has adopted as a pet project in recent months, has surged alongside Ethereum during the much-anticipated event after Musk detailed his earlier ideas for integrating dogecoin with ethereum to “maximum transaction rates and lower transaction costs.” .

Bitcoin and cryptocurrency prices have struggled since the April-May sell-off that wiped out more than $1 trillion from the value of the combined cryptocurrency market.

All of the top 10 most valuable cryptocurrencies, including Ethereum, Binance’s BNB, Cardano and XRP, have fallen more than 50% since their recent highs, with dogecoin down more than 70% since its peak in early May.

Bitcoin and cryptocurrency market watchers are encouraged by the Bitcoin price rebound, with investors cheering $30,000 per bitcoin to support more or less holding.

“Bitcoin started the week on a sad note but managed to climb back above the $32,000 mark,” Pankaj Palani, CEO of crypto derivatives Delta Exchange in Singapore, said in an email comments.

“In the past two weeks, we have seen a large influx of negative news and strong selling pressure on bitcoin. Despite weak sentiment and weakness in global markets, bitcoin held the $30K support. Bitcoin dropped below the $30K mark but the bears failed us. It pushed it lower and we see a healthy bounce after that. For the first time in several weeks, we are seeing bullish signals here and expect Bitcoin to head towards the upper end of the $30K-$40K range.”

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