Risks of Bitcoin Correction Grow on Positive Moderna Vaccine Trial

Risks of Bitcoin Correction Grow on Positive Moderna Vaccine Trial

Bitcoin was trading higher ahead of the New York opening bell Monday but risked shedding its intraday gains on Moderna’s latest announcement.

The tech-savvy pharmaceutical firm updated earlier Monday that its experimental coronavirus vaccine is 94.5 percent effective in protecting people from catching the infection. That marked the second successful trial seven days after Pfizer and its partner BioNTech also showed 90 percent efficacy in their COVID-19 trial.

Bitcoin initially reacted negatively to the Pfizer vaccine news on Monday last week as its price fell by more than $1,000 within a few hours into the announcement. Nevertheless, on the same day, billionaire investor Stan Druckenmiller claimed that he owns Bitcoin. His statements counterbalanced the said downside risks.

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Bitcoin recovered later into the day.

Uncertainty Remains

A vaccine that effectively cures coronavirus expects to remove the necessity of social distancing.

Therefore, it allows the sectors that rely on close physical interactions — airlines, travel, manufacturing, entertainment, etc. — to return

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