UK authorized Pfizer’s COVID vaccine and Bitcoin rebounded in just a few minutes after the news so let’s see more in today’s BTC news.
The country’s Medicine and Healthcare Products Regulatory Agency announced that they approved a new COVID vaccine on Wednesday morning. UK authorized Pfizer’s vaccine and the company alongside BioNtech stated that they will start delivering doses of the two-shot vaccine to the United Kingdom in the upcoming days which will mark the first milestone in fighting against the virus that killed and affected millions of people across the world.
The number one cryptocurrency increased by almost 3% on the news and hinted a new intraday high of $19,340 before the London opening season. The gains followed the slow Tuesday trading session where the price dropped by about $1000 before the close which pointed to profit-taking behavior among the traders at the recent highs. Technically, the rebound set Bitcoin to retest the record high which was established a day before.
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One crypto trader commented that he is willing to extend his targets to the $19,964 region noting that a “bullish setup has officially triggered.” It seemed like a signal to another high-level adjustment.
Pfizer/Biontech Covid-19 vaccine approved for use in U.K.
— Holger Zschaepitz (@Schuldensuehner) December 2, 2020
Bitcoin remained immune to the news of the vaccine as more mainstream investors endorsed the bullish bias or allocated a chunk of their portions to it. For example, the new Pfizer vaccine came out with 90% efficiency and prompted a sell-off in the gold market but failed to impact Bitcoin which proved that the crypto asset is on its way to decouple from the traditional markets. In the meantime, Bitcoin rebounded because many economists took in the idea that a vaccine will increase inflation.
They noted that protection from COVID will boost economic recovery in the US and will allow people to spend more than what they save. This will raise the price index for personal consumption expenditures. Also, the US Central bank expects to reach the 2% annual inflation target by using the same metric so now the BTC bulls will treat the cryptocurrency as an anti-inflation asset because of its capped supply. The US dollar on the other hand, has no such limitations but in an inflationary state, it could fall lower.
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