• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT, inflation, vaccine
Nexo

Bitcoin Rebounds as UK Authorizes Pfizer-BioNTech’s Vaccine

Yashu Gola by Yashu Gola
2 years ago
in Bitcoin
0
Advertisement

Bitcoin inched back into positive territory on Wednesday just as Pfizer and BioNTech’s coronavirus vaccine won UK authorization.

The country’s Medicines and Healthcare Products Regulatory Agency announced the approval Wednesday morning. Meanwhile, Pfizer and BioNTech stated that they would start delivering doses of the two-shot vaccine to the UK in the coming days, marking the first key milestone in curbing the virus that has infected tens of millions and killed more than 1.5 million people around the world.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Pfizer/Biontech Covid-19 vaccine approved for use in U.K.

— Holger Zschaepitz (@Schuldensuehner) December 2, 2020

Upside

The Bitcoin market’s first reaction to the vaccine approval was positive.

The benchmark cryptocurrency rose by up to 2.99 percent, hitting an intraday high of $19,340 ahead of the London opening session. Its gains followed a depressive Tuesday, wherein the price plunged by about $1,000 ahead of the close, pointing to profit-taking behavior among daytraders at recent record highs.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!
Bitcoin, cryptocurrency, BTCUSD, BTCUSDT
Bitcoin hints at another upside attempt towards $20K. Source: BTCUSD on TradingView.com

Technically, the rebound prepared Bitcoin to retest its record high established a day before. A cryptocurrency trader commented that he is willing to extend his long targets towards $19,964, noting that the “[bullish] setup has officially triggered.” Fundamentally, it appeared like a signal to another record high adjustment.

Bitcoin Immune

Bitcoin so far remained immune to news of successful vaccine trials as more mainstream investors endorsed its bullish bias or allocated a portion of their portfolios to it.

For instance, the Pfizer-BioNtech vaccine came out with 90 percent efficacy around November 11. It prompted a sell-off in the gold market but failed to impact fellow safe-haven Bitcoin. That somewhat proved that the cryptocurrency is on its way to decouple from traditional markets.

Meanwhile, the Bitcoin price also rose because many economists embraced the idea that a prospective vaccine would increase inflation.

The outlook for the potential broad use of a vaccine against COVID-19 next year could impact several areas, including global trade and inflation. Watch Chief Economist Blu Putnam's latest video.

— CME Group (@CMEGroup) November 23, 2020

They noted that protection from COVID-would boost economic recovery in the US, allowing people to spend more than they save. That would raise the price index for personal consumption expenditures, the Federal Reserve’s benchmark measure of inflation. The US central bank expects to reach the 2 percent annual inflation target using the same metric.

Bitcoin bulls treat the cryptocurrency as an anti-inflation asset, given its limited supply cap of 21 million tokens. On the other hand, the US dollar has no such supply limitations. In an inflationary environment, the greenback tends to fall lower. It even fell on Wednesday after the UK’s vaccine approval.

Therefore, bulls believe that large firms sitting atop bearish dollar reserves would eventually reshuffle a portion of it for Bitcoin. As a result, the BTC/USD exchange rate will increase.

Switzerland has around 850 billion in fiat forex sitting in the central bank. All losing value every year via inflation. A 1% #bitcoin allocation would buy them 420,000 BTC and in 100 years the moon and maybe Mars too.

— Lark Davis (@TheCryptoLark) December 1, 2020

Insofar, Bitcoin looks stronger against the prospect of economic recovery led by the vaccine.

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Yashu Gola

Yashu Gola

Globetrotter Yashu Gola has been working as a financial/crypto market journalist since 2013. He is an information technology graduate, a cryptography junkie, a filmmaking enthusiast, and an avid reader of Jon Erickson, Agatha Christie, JK Rowling, and Isaac Asimov.

Related Posts

Jordan Belfort

Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money

45 mins ago
Bitcoin

Bitcoin Saw Largest Ever Monthly Withdrawal From Exchanges In June

13 hours ago
Tesla

Tesla Bitcoin Investment Dwindles By $440 Million As Crypto Winter Drags On

19 hours ago
Oslo Freedom Forum, Hong Fang screenshot

3 Lessons From The Oslo Freedom Forum: Bitcoin As A Tool – Mallers, Roem, Fang

21 hours ago
bitcoin miners

Head To Head: Bitcoin Miner Revenues Surpass Ethereum But There’s More

1 day ago
Sango, President Faustin-Archange Touadéra

The Central African Republic Unveils Sango Project, Disappoints The World

2 days ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.