How the Vaccine News Might Change Bitcoin’s Attractiveness to Institutions
While the economy has been on thin ice, no asset has benefitted more from the post-pandemic “new normal” than Bitcoin. Fear of the uncertainty has caused demand to rise in the insurance policy against the unknown. But as news of a vaccine being 90% effective broke today, so potentially did Bitcoin’s uptrend. Here’s how the […]
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The U.S. Treasury Department’s Financial Crimes Enforcement Network (FinCEN) issued a warning that alerts financial institutions in the United States about increasing ransomware attacks against coronavirus vaccine research organizations. US Treasury Warns of Ransomware Attacks, Phishing Schemes Targeting Covid-19 Vaccine Research Institutions According to the alert, FinCEN says that fraud, ransomware attacks, and “similar types of criminal activity” target the distribution of Covid-19 vaccines, which could affect their supply chains if proper actions are not taken on....
A vaccine merely triggers inflation, allowing more institutions/investors to exchange their cash holdings for the cryptocurrency.
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 […]
The recent announcement by Pfizer of a potential Covid-19 vaccine sparked an immediate rally of global stocks worst hit by the pandemic response. The rally helped major indices including the New York Stock Exchange (NYSE) Composite Index and Europe’s Stoxx to go up by approximately 4%. Bitcoin’s Decoupling On the other hand, stocks that benefited from lockdown restrictions went down as the vaccine raises hopes for a return to normal life. Still, it appears the same vaccine hopes did not dampen interest in bitcoin, another major beneficiary of lockdown restrictions. In a....
The global stock markets are rocketing today on news that a vaccine that would put an end to the ongoing pandemic has 90% effectiveness This news signals that it may only be a matter of months before things start going back to normal, which means a reduction in government spending and economic turbulence Naturally, this is a bad thing for safe haven assets, with today’s news sending the price of gold nosediving Bitcoin has seen […]