{"id":449253,"date":"2020-11-09T14:01:59","date_gmt":"2020-11-09T14:01:59","guid":{"rendered":"https:\/\/wncen.com\/?p=449253"},"modified":"2024-06-11T14:08:09","modified_gmt":"2024-06-11T14:08:09","slug":"bitcoin-falls-on-positive-coronavirus-vaccine-results-risks-ahead","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-falls-on-positive-coronavirus-vaccine-results-risks-ahead\/","title":{"rendered":"Bitcoin Falls on Positive Coronavirus Vaccine Results; Risks Ahead?"},"content":{"rendered":"

Bitcoin’s second attempt to close above $16,000 hit a wall on Monday as traders assessed the latest progress on a coronavirus vaccine.<\/p>\n

The benchmark cryptocurrency fell 0.77 percent, suggesting that its last week’s advance, which took its price to a three-year high, would reverse in the daily sessions ahead. Bitcoin also plunged on technical merits \u2013 to neutralize it overbought status<\/a> on medium- and long-term charts \u2013 as traders booked their profits at the recently-established year-to-date high of $15,977.<\/p>\n

\"bitcoin,<\/a>
Bitcoin sell-off accelerates on positive coronavirus vaccine news. Source: BTCUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Bitcoin sell-off accelerates on positive coronavirus vaccine news. Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Conversely, investors showed an intraday bullish bias towards the US Dollar Index (DXY). The greenback’s rate against a basket of foreign currencies surged 0.20 percent. Bitcoin and the US Dollar Index have a positive correlation with one another.<\/p>\n
Vaccine<\/h2>\n
Bitcoin fell amid decreasing bids for safe-haven assets on Monday. Capital started shifting to the US dollar and the US stock market after Pfizer, a pharmaceutical company, and BioNTech SE \u2013 its partner \u2013 showed positive results in their vaccine trials against the novel coronavirus.<\/p>\n
The news revived the pandemic losers’ fortunes, such as banks, airlines, and travel companies. Simultaneously, tech stocks that have so far outperformed other sectors performed less well on Monday.<\/p>\n
Bitcoin rose prominently against the backdrop of the pandemic<\/a> and its economic fallout. With the global central banks intervening with massive stimulus packages and other expansionary monetary policies, investors moved into Bitcoin for its anti-fiat features, primarily scarcity.<\/p>\n
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After Pfizer announced its coronavirus vaccine was more than 90% effective in preventing Covid-19 for those who had no evidence of previously being infected, CEO Albert Bourla said he believes the world \u201ccan see light at the end of the tunnel.\u201d https:\/\/t.co\/3acYVdSGkV<\/a> pic.twitter.com\/7kCDOAlZIO<\/a><\/p>\n
— CNBC (@CNBC) November 9, 2020<\/a><\/p><\/blockquote>\n