Bitcoin, Altcoins Fluctuate while Stocks Rally on COVID-19 Vaccine News


0
1 share

Bitcoin, Altcoins Fluctuate while Stocks Rally on COVID-19 Vaccine News 101
Source: Adobe/Bits and Splits

Bitcoin (BTC) and other major coins extended their decline today, while stocks rally on the major vaccine news.

It has been revealed that the COVID-19 vaccine that is being developed by American pharmaceutical corporation Pfizer Inc. and German biotechnology company BioNTech SE prevented more than 90% of symptomatic infections in a study of tens of thousands of volunteers, Bloomberg reported. The trial started in July, with the vaccine being tested in a two-dose regimen. Most participants only received their second dose recently, so it’s not known how long any protection will last, said the article.

US President-elect Joe Biden published a statement, congratulating the team for this “breakthrough,” but warning that the reality remains unchanged, that the fight against the pandemic continues, and that “a mask remains a more potent weapon against the virus than a vaccine.” Even if some Americans are vaccinated later this year as an earlier timeline predicted, “it will be many more months before there is widespread vaccination in this country.”

Read Also:   Spain to Pursue Research into Central Bank Digital Currencies, Report Says

Meanwhile, crypto market, initially, turned red following the news, later trimming its losses. BTC was down to around USD 14,915, before returning above the USD 15,000 level again. At pixel time (17:18 UTC), BTC trades at USD 15,174 and is down by 2% in a day.

Ethereum (ETH) is not having a better time either, as its price fell more than 2% in a day. Among the top 10, the coin with the largest drop at the moment is litecoin (LTC), with (-4%), though bitcoin cash (BCH) and cardano (ADA) are near – (-2.6%) and (-3.3%) respectively.

On the other hand, per Bloomberg, Pfizer shares rose 7%, and BioNTech American depositary receipts are up some 19%.

Read Also:   Founder of Mexico's Second Largest Broadcasting Company Invests 10% of Assets in Bitcoin

As for US stock market indices, S&P 500 jumped some 2.9%, while DOW 30 is up more than 3.8%. Nasdaq increased less than 1%.

Yet, precious metals took a tumble. Gold has dropped nearly 5%, and silver more than 6.5%

Many in the Cryptoverse have commented that BTC is correlated with gold as well as with equities, and while it went down with gold today, that might change tomorrow.

___

Read Also:   Bitcoin Narrowly Escapes Sell-Off after Druckenmiller's Endorsement

More reactions:

__

___

__

__

___

(Updated at 17:21 UTC to add the latest changes in the crypto market).



Google Play

Source link


Like it? Share with your friends!

0
1 share

0 Comments

Leave a Reply

Bitcoin, Altcoins Fluctuate while Stocks Rally on COVID-19 Vaccine News

by Benjamin Hartman
Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format