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.
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