Bitcoin Extends Rebound on AstraZeneca-Oxford Vaccine Results

2020-11-23 16:21

Bitcoin rose Monday, putting itself back on track to retest its record high after promising results on a coronavirus vaccine reinforced hopes of an economic rebound next year.

The spot BTC/USD exchange rate climbed 0.95 percent after the benchmark cryptocurrency briefly snapped its six-week winning streak on Sunday. The pair touched an intraday high of $18,777, followed by a small correction lower. Nevertheless, it maintained its overall upside bias for the New York session ahead.

Bitcoin eyes a bullish continuation towards its yearly high near $19,000. Source: BTCUSD on TradingView.com Bitcoin eyes a bullish continuation towards its yearly high near $19,000. Source: BTCUSD on TradingView.com Another Vaccine

The University of Oxford and AstraZeneca said their experimental vaccine was up to 90 percent effective against coronavirus without any serious side-effects. Their announcement added to optimism among investors that the launch of an effective drug could curb the pandemic by the next year while allowing the beaten financial assets to retain their losses.

It was visible in the pre-session trading moves in the US stock market. Futures linked to the S&P 500 rose climbed 0.5 percent, pointing to a profitable New York session ahead. Nasdaq-100 and Dow Jones rose 0.4 percent and 0.6 percent, respectively.

Meanwhile, focus on risk-on assets kept the US dollar under pressure. The greenback fell 0.36 percent on Monday against the basket of leading foreign currencies. Its weakness, in turn, allowed Bitcoin to recover higher for the session.

The cryptocurrency had surged similarly after Pfizer and Moderna announced their vaccine results, iterating that its traders didn’t see the coronavirus cure as a threat.

#Bitcoin has decoupled from Gold. While the yellow metal has dropped after Moderna vaccine news, digital Gold (Bitcoin) continues to move higher. pic.twitter.com/PDUrowBpTb

— Holger Zschaepitz (@Schuldensuehner) November 16, 2020

Bitcoin vs. Gold

Unfortunately, Bitcoin’s closest rival, gold, was heading lower on fears of positive vaccine results. That proved that certain catalysts in the cryptocurrency market are successfully offsetting the risk-off risks. So it seems, it could be Bitcoin’s booming adoption and market outlook among mainstream institutions.

For instance, crypto asset management firm Pantera Capital wrote in its report that PayPal bought 70 percent of the total Bitcoin mining supply in recent weeks. Coupled with Square’s CashApp, both firms purchased more BTC than the miners minted, leading to a supply deficit in both retail and institutional markets.

“That is THE story in Bitcoin right now,” Pantera added. “When other, larger financial institutions follow their lead, the supply scarcity will become even more imbalanced. The only way supply and demand equilibrate is at a higher price.”

Many investors, including Stan Druckenmiller and Paul Tudor Jones, remain convinced about Bitcoin’s long-term growth amid the Federal Reserve’s pro-inflation policies. Mr. Druckenmiller particularly called the cryptocurrency a better hedge than gold, stating he believes it would rally better than the precious metal.

Speculation, so it appears, seems to be the only reason why Bitcoin remains unfazed by the vaccine news.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 95092.57 (-0.38%)
Объем 24H $43.157b
Изменеия 24h: -2.19 %, 7d: -9.02 %
Cегодня L: $94782.14 - H: $95637.28
Капитализация $1882.818b Rank 1
Цена в час новости $ 18383.88 (417.26%)

results bitcoin vaccine rebound economic reinforced year

results bitcoin → Результатов: 126


Фото:

Bitcoin Price Analysis: Potential Reaccumulation Could Test Bear Trend

Last week, after a devastating move that shook the market violently up and down for a 7% move in just a few short minutes, bitcoin saw a major sign of strength as it proceeded to have a slow, but steady markup where it managed to establish a local high in the $6,800s:Figure 1: BTC-USD, Hourly Candles, Shakeout Prior to MarkupThis shakeout forced the market to temporarily establish a new monthly low in what could be argued to be a stop-hunt prior to the move to the $6,800s.

2018-9-24 21:29


Фото:

Bitcoin Price Analysis: High Shorts Count Could Signal Price Hike

Once again, bitcoin finds itself precariously perched on the bottom of its macro trading range (TR). After a strong round of selling over the course of two weeks plunged the price back to the $6,000s, bitcoin began consolidating for several weeks at the bottom of the TR:Figure 1: BTC-USD, 1-Day Candles, Macro TRAs shown in the figure above, the market has interacted several times at the current price range and it has been a source of three major bullish rallies.

2018-8-25 00:42


Japan Unveils Results of On-Site Inspections of 23 Crypto Exchanges

The Japanese financial regulator has finished the on-site inspections of 23 cryptocurrency exchanges. The agency found many problems and has released a report outlining them. The regulator will use the findings to tighten its review procedures of new crypto exchange applicants, including over 100 companies that have been waiting to be reviewed.

2018-8-11 10:05


Фото:

$37 million of bitcoin revenue assist square accelerate increase in q2

Finance Square has reported its Q2 2018 financial results, revealing that $37 million of Bitcoin-related revenue helped the company accelerate its growth during the period. Also Read: Coinmarketcap Launches Professional API and Derivatives Markets $37 Million of Bitcoin Revenue Square Inc (NYSE:SQ), the developer of the mobile payment app Square Cash, has posted its financial

2018-8-3 21:56


Фото:

Wells Fargo Gallup Investor Survey Shows Just 2% of Americans Hold Bitcoin

A new Wells Fargo Gallup Investor and Retirement Optimism Index poll shows that just 2 percent of Americans investors surveyed own bitcoin. These results are from the second-quarter Wells Fargo/Gallup Investor and Retirement Optimism Index survey, conducted online May 7-14, 2018, via the Gallup Panel. The poll was based on US adults who have at […]

2018-7-29 23:12


Фото:

Gallup Poll: 26% of U.S. Investors ‘Intrigued’ By Bitcoin (BTC)

Bitcoin (BTC)–Potential adoption for the top ranked cryptocurrency by market capitalization looks a whole lot better following the release of a new Gallup poll. Quarter of Investors Interested in Bitcoin On Friday, the results of a Wells Fargo/Gallup poll revealed that while only a small percentage of Americans are currently invested in Bitcoin, over a […] The post Gallup Poll: 26% of U.

2018-7-29 22:42