Amazon Stock (AMZN) Stalls as VP Quits Over Whistleblower Firings

Colin Muller

Amazon’s stock (NASDAQ: AMZN) is taking a break after last week hitting a new all-time-high, amid the fallout of a recent row associated with potential neglect of Amazon workers’ health during the COVID-19 pandemic.

The upshot of this fallout is that Amazon’s web services VP, Tim Bray, has quit, in response to the firing of two leaders of an Amazon workers’ organization who were enquiring about protection for workers from the COVID-19 virus.

The other piece of news, coming just before Bray’s departure, was Amazon’s earnings report. One of the few enterprises well placed to thrive in a COVID-19 world, Amazon reported a windfall sales increase of 26%.

The e-commerce giant also stated its intention to heavily invest in worker health with Q2 profits, and to increase capacity for the surge in demand for home-delivered goods including food.

On April 30, Amazon stock price eeked in a new all-time-high of $2,470. But since these events (April 30 - May 1), AMZN has fallen about 6% in total. It seems likely that the negative press has affected the stock price somewhat.

6% fallAMZN chart by TradingView

This fall is completely reasonable, as a simple correction from the highs. At this point, the market has had a couple of days to ingest both the earnings report and Tim Bray’s departure.

$2,200 an important levelAMZN chart by TradingView

We should look for Amazon to hold a price of $2,200, in order to remain stable near its new highs. If it cannot hold up there, we might consider a stronger correction in order. As CryptoGlobe reported, JP Morgan Chase recently raised its price target for Amazon stock to $3,000.

JPMorgan's update projections see it match Goldman Sachs and Susquehanna as the biggest bulls in Wall Street for the e-commerce giant. All three firms see AMZN shares hit $3,000 in the future.

Featured Image Credit: Photo via Pixabay.com

Binance Acquires Crypto Debit Card Issuer for an Undisclosed Sum

Leading cryptocurrency exchange Binance has acquired cryptocurrency debit card issuer Swipe for an undisclosed sum, in a deal that gets the platform one step closer to issuing its Binance Card.

Finance Magnates reports the firms shared revealed the companies will “work together to further mainstream adoption of cryptocurrencies,” by further bringing fiat and digital assets together. The deal will allow for cryptos to be used as a payment method in the traditional financial system.

Binance unveiled its plan to launch a Visa crypto debit card earlier this year, but was having difficulties implementing it. The acquisition of crypto start Swipe should help fix these difficulties and support the exchange in its “mission of making crypto more accessible to the masses.”

Per Binance CEO Changpeng Zhao, off-ramps are a key component to be considered in its mission. He added:

By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone.

Binance and Swipe listed each other’s native tokens as part of the deal. Binance now has trading pairs for Swipe’s SXP token, while the Binance Coin (BNB) was added to the cryptocurrencies, stablecoins, and fiat currencies available as a payment method on Swipe.

Swipe, it’s worth noting, converts cryptoassets into fiat currencies at the point of purchase. Users pay in a cryptoassets of their choice, which is then converted into fiat currency the merchant receives, so the latter does not have to manage cryptoassets, or accept payments in them directly.

Swipe’s cards are issued by Contis Financial Services, a visa Principal Member regulated by the UK’s Financial Conduct Authority. They are available in 31 countries within the European Economic Area, and support transactions in euros, pounds, U.S. dollars, Korean won, and Philippine pesos.

The firm’s CEO Joselito Lizarondo revealed partnering will Binance will “place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide.” Binance Card users will be able to get up to 4% cashback in bitcoin on their purchases, which will be available in over 50 million locations in the world.

Featured image via Pixabay.