Crypto News Blocks

Bitcoin Faces Potential Correction Following Positive Moderna Vaccine Trial

  • Bitcoin is currently trading above $16,300 but faces a potential correction following the positive news regarding Moderna’s vaccine trial.
  • The tech-savvy pharmaceutical firm updated earlier Monday that its experimental coronavirus vaccine is 94.5% effective in protecting people from contracting the coronavirus (COVID-19).
  • Bitcoin initially reacted negatively to the Pfizer vaccine news last week as its price fell by more than $1,000 within a few hours into the announcement.
  • However, billionaire investor Stan Druckenmiller’s statement that he owned Bitcoin counterbalanced the said downside risks. The leading cryptocurrency recovered later that day.
  • A working vaccine allows investors to reduce their appetite for riskier assets. It is the same reason why gold, a safe-haven rival to Bitcoin, recorded its worst single-day decline on the day Pfizer claimed a successful trial.
  • Meanwhile, questions remain about the vaccine’s efficacy, cost, and distribution. The slower it reaches the people, the higher the probability of investors keeping their one leg in safe-havens like gold and Bitcoin. 
  • Read the full story here.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

0 Comments
Inline Feedbacks
View all comments

Related Crypto News

Justice Department extradites alleged BTC mining Ponzi operator from Panama
AirBit Club’s leadership has been gathered in New York City and will face charges for stealing “membership dues” to...
Can DeFi indices finally make crypto-based passive investing worthwhile?
The concept of a DeFi ETF sounds promising, but it’s not without pitfalls. Index investing in the stock market...
Bitcoin theft is likely to surge in meager post-COVID economy: report
Cybercriminals may favor a different cryptocurrency in the coming months, however. Cryptocurrency-related fraud and theft are likely to grow...
Bitcoin Explodes to Fresh All-Time High; Here’s What Could Come Next
Following what is described as an “epic bear trap” to $16,400, Bitcoin has officially set a fresh all-time high....
XRP price now eyeing $1.00 after key support level holds, BTC price soars
XRP price must break a key resistance level before $1.00 becomes a real possibility. While Bitcoin (BTC) is facing...
Bitcoin Crushes Previous All-Time Price Highs Surpassing 2017’s Bull Run
Digital currency markets are on a tear this week, as a myriad of crypto assets have seen enormous gains...

Featured Crypto News

Bitcoin Begins to Correct Below $17,000: Where Traders Say BTC is Heading
The price of Bitcoin has begun its correction below $17,000, resuming the bearish downtrend from yesterday. Traders have mixed...
Wallets with less than 1 BTC account for just 5% of Bitcoin’s market cap
With the number of “wholecoiner” Bitcoin wallets holding at least 1 BTC increasing every year, the remaining addresses represent...
Stack Funds hails Bitcoin's 'healthy correction' predicts ‘euphoria’ ahead
Bitcoin could surge towards $100,000 next year following yesterday’s “healthy pullback”, with market psychology currently in the “belief” stage...
Bitcoin Indicator Reaches Historical Extreme: Price Sheds Two Thirds Upon Reversal
Bitcoin price this week reached a high of $19,500, following a six-week, 60% rally. From the moment the first-ever...
Record $7.4B Bitcoin futures open interest shows pros still expect $20K BTC
Bitcoin price fell short of reaching $20,000, but record high open interest on BTC futures shows pros are still...
Mike Novogratz: Everyone Should Put 2% to 3% of Their Net Worth in Bitcoin
Bitcoin bull and Galaxy Digital CEO, Mike Novogratz, says bitcoin is for everyone. He argues that those committing 2%...