Today the world celebrates that Pfizer Labs obtained successful tests of a vaccine against COVID-19, the stock market soared as a result but Bitcoin and Gold do not seem to celebrate it.
Bitcoin reacts negatively to the vaccine
Following the news, as stocks soared, gold plunged along with Bitcoin losing more than $ 1,000 in a matter of hours after the COVID-19 vaccine was announced.
However, in the midst of the decline, it seems that Bitcoin let go of gold and managed to recover most, if not all, of what it fell. Bitcoin is currently trading 0.09% higher than 24 hours ago, according to CoinMarketCap.
Meanwhile, gold cannot say the same; During the last 24 hours, the precious metal has lost 4.41% of its value. The leading crypto reinforcing its role as a store of value? Maybe.
Something funny is that initially the price of Bitcoin spiked 2% on the news, however the gains quickly disappeared. Consequently, it appears that Bitcoin did not like the uproar over the COVID-19 vaccine.
Will Bitcoin Hit $ 100K in One Year? It may be, but a 30% crypto correction is also on the table
Yesterday PlanB, created from the S2F model, reiterated that the leading crypto is following a path that leads directly to reaching $ 100,000, at a minimum, by December 2021.
This would imply a minimum increase of 545% under the current price to reach the goal set by PlanB.
However, projecting what will happen in 2021 with crypto is quite difficult, especially after everything that has happened in 2020. Therefore, it is also worth looking at the short term.
According to Michael Van De Poppe, an analyst at CoinTelegraph, a 30% correction is on the table.
Poppe explains that $ 16,000 is the final barrier the crypto leader faces before a potential run to a new all-time high. However, it has also become very probable A setback.
Stanley Druckenmiller prefers leading crypto over gold
Without a doubt today the topic of conversation in the crypto community was the praise that the crypto leader received from Stanley Druckenmiller.
For those of you who don’t know him, he’s a recognized investor and hedge fund manager in America.
Basically Druckenmiller gave a vote of confidence for the crypto leader. “I have many times more gold than Bitcoin, but frankly, if the gold bet works, the Bitcoin bet will probably work much better,” assured during a interview on CNBC.
Bloomberg Confident Bitcoin Will Hit New Crypto High Soon
Mike McGlone, senior strategist at Bloomberg Intelligence, has said in Twitter that Bitcoin is on track to hit $ 20,000 in 2021.
According to McGlone, the crypto leader “may experience a parabolic 2021, as it did in 2013 and 2017, if the above patterns repeat.”
Bitcoin Cash Hard Fork
On November 15, 2020, the crypto community expects to receive a upgrade Bitcoin Cash network, which, in fact, could again divide the crypto.
The proposed update introduces a novel mining algorithm, and indeed it appears to be widely accepted. Nonetheless, the Bitcoin ABC team introduced a proposal that surprised the entire crypto community.
In this way, the Bitcoin ABC proposal has been quite controversial and could lead to a new division of the network. This mainly because the crypto community expects most miners to support the BCHN version and consequently the ABC version will become a minority chain.
In a few lines …
- Changpeng Zhao, CEO of Binance, emphasizes that the leading crypto will never succeed in becoming an asset store of value with a stable price.
- HIVE Blockchain doubles its hashrate by acquiring new Bitcoin crypto mining equipment.
- Bill Miller assured that large investment banks will own Bitcoin.