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Amazon shares close lower on Thursday, cryptocurrency will not be payment option anytime soon, CEO says

In an interview with CNBC last week, Amazon.com Inc’s (AMZN) Chief Executive Officer Andy Jassy said that the e-commerce company would probably not add cryptocurrency as a payment option to its retail business anytime soon.

The CEO also said that users might be able to sell non-fungible tokens (NFTs) on Amazon’s e-commerce platform and that he expected NFTs to keep demonstrating significant growth.

NFTs are digital assets that exist on a blockchain and have become quite popular in 2021.

Amazon’s competitor eBay Inc allowed last year the sale of NFTs for digital collectibles such as trading cards, images or video clips on its platform.

eBay has also said it is open to the possibility of accepting cryptocurrency as a method of payment in the future.

Amazon shares closed lower for the seventh time in the past ten trading sessions on NASDAQ on Thursday. It has also been the steepest single-session loss since April 6th. The stock went down 2.47% ($76.69) to $3,034.13, after touching an intraday low at $3,029.44 and an intraday high at $3,117.94 respectively.

Shares of Amazon.com Inc have retreated 9.00% so far in 2022 compared with a 7.84% loss for the benchmark index, S&P 500 (SPX).

In 2021, Amazon.com Inc’s stock went up 2.38%, thus, it again underperformed the S&P 500, which registered a 26.89% gain.

Analyst stock price forecast and recommendation

According to TipRanks, at least 34 out of 35 surveyed investment analysts had rated Amazon.com Inc’s stock as “Buy”, while 1 – as “Sell”. The median price target on the stock stands at $4,143.76.

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