This morning, news broke that Cambridge, Massachusetts-based biotech firm Moderna, had reached 94.5% efficiency in preventing the onset of COVID with their in-the-works vaccine. Bitcoin responded with a rally, but the last time around when Pfizer revealed their success rate, the cryptocurrency plummeted by over $1,000.
With the likelihood of an effective vaccine growing, and uncertainty surrounding the pandemic and its impact on the economy beginning to fade, how might this impact Bitcoin’s recent bullishness?
Bitcoin Rallies On Moderna Vaccine News, Plummets On Pfizer
Bitcoin price action has been unstoppable since the start of November. Only two instances since the month began, did the cryptocurrency experience a pullback of any significance.
The second of two more than 6% corrections, came just after positive news broke regarding the development of Pfizer’s COVID vaccine.
Since the pandemic first appeared, markets have been turbulent, with most of the volatility playing out to the upside. The uncertainty surrounding the pandemic has caused a