7/26, 10:48 PM (Source: TeleTrader)
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Bitcoin falls back below $38,000

Bitcoin fell back below the $38,000 mark on Monday after hitting $40,000 earlier in the day on news that e-commerce giant Amazon will start accepting the popular cryptocurrency as a payment method this year.

The news of Jeff Bezos' company planning to accept Bitcoin as a form of payment led to a rally in the digital currency earlier, however, a spokesman for the company denied the report, adding only that Amazon will "continue exploring cryptocurrencies" in a statement to Bloomberg.

After dipping below $38,000, Bitcoin was up 10.50% to $38,034 at 4:47 pm ET.

Breaking the News / JC