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

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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.

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More positive news came today on the COVID-19 vaccine front. One of the major drug developers, Moderna Therapeutics, shared the good news in regard to its vaccine.

According to a CNBC report, trial data from the preliminary phase three shows the company’s vaccine is more than 94% effective in preventing the virus. Speaking on the matter was the CEO of the company, Stephane Bancel, who said:

This positive interim analysis from our Phase 3 study has given us the first clinical validation that our vaccine can prevent COVID-19 disease, including severe disease.

Shortly after the news saw daylight, the company’s stock soared. This was also well-received from the entire market, as major indices are also trading in the green. At the time of this writing, the S&P 500 is up more than 1.1%, while NASDAQ and the Dow Jones Industrial Average are also charting similar increases.

The news comes shortly after Pfizer also announced the success of their vaccine trials last week.

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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, as CryptoPotato reported, 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.

BTC/USDT. Source: TradingView

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.

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