Bitcoin Nears $40,000 as Shorts Fuel Rally on Amazon Speculation

Bitcoin surged near $40,000 as a flurry of short-covering intensified a rally apparently sparked by speculation over Inc.’s involvement in the crypto industry. A job posting from the retail giant seeking an executive to develop the company’s “digital currency and blockchain strategy” stirred questions among analysts over whether the move could eventually lead to Amazon accepting Bitcoin

The surge on Monday brought crypto markets back to life after they’ve been stuck in the doldrums for months. On Binance, the largest crypto exchange, Bitcoin perpetual contracts jumped as much as 30% over an hour in early New York trading, a sign of extreme volatility in one of the coin’s most liquid derivatives. There’s been less volatility in Bitcoin since mid-May and the enthusiasm for crypto

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