Bitcoin Looks at COVID-19 Vaccine As Its Next Potential Bullish Narrative

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A COVID-19 vaccine appears like bad news for Bitcoin until it does not. The arrival of the novel coronavirus pandemic was initially worse for every market, including cryptocurrency. The BTC/USD exchange rate fell more than 60 percent in just two days of trading in March 2020, its decline coinciding with a crash across the global financial market. Later, central banks reacted by reducing their benchmark lending rates, coupled with programs that purchased government and corporate debts endlessly. The pseudo-quantitative easing, followed by governments’ decision to spend trillions of dollars on their social welfare schemes, reduced the US dollar’s purchasing power. The greenback’s decline and negative-yielding debts prompted investors to seek profits in scarcer assets, leading to a massive recovery in the Bitcoin market. Between March and now, the cryptocurrency surged by more than 350 percent, hitting $19,000 for the first time since December 2017. Bitcoin touched a new yearly high…

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