Moderna COVID-19 Vaccine News Sends Bitcoin To a New 2020 High

The situation around a possible vaccine for the novel coronavirus COVID-19 continues to develop.

Today, Moderna Therapeutics, one of the world’s largest pharmaceutical companies, announced that its preliminary data shows its coronavirus vaccine is more than 94% effective.

This sent its stock price higher and major indices, which are all trading in the green following Monday’s market open. That’s not all, however, as bitcoin’s price is also on the rise, charting a new 2020 high above $16,600.

It seems that history is repeating itself. When Pfizer announced the successful results of their trials, bitcoin’s price increased and almost broke the previous yearly high. However, the cryptocurrency also tanked in value, losing $600 very soon after that before it was able to recover.

Now, things seem a bit similar, although, at the time of this writing, BTC is on its way up. It managed to clock an intraday high at $16,640 on Binance, leaving the previous yearly high well behind.

It remains to be seen, however, if the cryptocurrency can sustain this momentum or if we will see a repetition of the last time. At the time of this writing, BTC trades around $16,600.

Source: cryptopotato.com; cointelegraph.com