Bitcoin dumps on news of successful COVID-19 vaccine trials

Bitcoin dumps on news of successful COVID-19 vaccine trials

Bitcoin (BTC) fell sharply in price this morning as pharmaceutical company Pfizer, in collaboration with biotech company BioNTech, announced a breakthrough in its COVID-19 vaccine.

Bitcoin fell approximately $1,000, over 6%, Between 7 and 10 am EST today on the vaccine news, from $15,800 down to a daily low near $14,815, based on TradingView data. Crypto’s pioneer asset bounced slightly by time of publication, sitting near $14,908. 

Earlier this morning, Pfizer publicized a statement claiming its COVID-19 vaccine has shown to be roughly 90% effective. The company said its numbers come after testing 43,538 subjects. The vaccine, however, still awaits final approval from the United States FDA: 

“Submission for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) planned for soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.”

Bolstering Bitcoin’s narrative as a hedge or non-correlated asset, traditional financial markets rose as various news outlets covered the COVID-19 vaccine news. The S&P 500 bolted up almost 4% in price at market open this morning. Meanwhile, gold, another store of value asset, has fallen more than 5% over the last several hours, suffering continued carnage at press time. 

In addition to gold and BTC, a number of businesses who posted notable gains during pandemic lockdowns saw their company valuations fall today. Video conferencing platform Zoom watched its stock decline approximately 19%, while Netflix fell almost 10%. Even e-commerce giant Amazon dropped more than 5%. 

Many expect Bitcoin to rebound at some point, just as it did after the original COVID-19 pandemic news in March.

Source: crytonow.com

Author: adminhttps://crytonow.com


Microsoft employee sentenced to 9 years in first U.S. Bitcoin case involving tax fraud

Microsoft employee sentenced to 9 years in first U.S. Bitcoin case involving tax fraud

A Ukrainian national has been sentenced to nine years in prison in what the IRS is describing as the United States’ “first Bitcoin case [with] a tax component.”

Published on November 9, 2020

A former Microsoft engineer has been sentenced to nine years for stealing more than $10 million in digital value from his past employer in the form of “currency stored value” (CSV) including gift cards.

Volodymyr Kvashuk, a 26-year-old Ukrainian citizen residing in Washington, used the accounts and identities of his fellow employees to steal and then sell the CSV — making it appear as though his co-workers were responsible for the fraud. Kvashuk also used a Bitcoin (BTC) mixing service to further obfuscate the paper trail and filed fraudulent tax returns

Brian Moran of the U.S. Attorney’s office said:

“Stealing from your employer is bad enough, but stealing and making it appear that your colleagues are to blame widens the damage beyond dollars and cents.”

Kvushuk was charged with 18 federal felonies including six counts of money laundering and two counts of filing false tax returns. The Ukrainian used the stolen funds to purchase a $1.6 million lake-front home and $160,000 Tesla vehicle.

According to Internal Revenue Service special agent Ryan Korner, the sentencing is “the nation’s first Bitcoin case that has a tax component to it.”

“Simply put, today’s sentencing proves you cannot steal money via the Internet and think that Bitcoin is going to hide your criminal behaviors.”

Kvashuk worked at Microsoft from August 2016 until being fired in June 2018.

Source: news.iobanker.com

Author: ByioBanker


Bitcoin dumps on news of successful COVID-19 vaccine trials

Bitcoin dumps on news of successful COVID-19 vaccine trials

Bitcoin (BTC) fell sharply in price this morning as pharmaceutical company Pfizer, in collaboration with biotech company BioNTech, announced a breakthrough in its COVID-19 vaccine.

Bitcoin fell approximately $1,000, over 6%, between 12:00 pm and 3:00 pm UTC today on the vaccine news, from $15,800 down to a daily low near $14,815, based on TradingView data. Crypto’s pioneer asset bounced slightly by the time of publication, sitting near $14,908. 

Earlier this morning, Pfizer publicized a statement claiming its COVID-19 vaccine has shown to be roughly 90% effective. The company said its numbers come after testing 43,538 subjects. The vaccine, however, still awaits final approval from the United States Food and Drug Administration: 

“Submission for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) planned for soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.”

Bolstering Bitcoin’s narrative as a hedge or noncorrelated asset, traditional financial markets rose as various media outlets covered the COVID-19 vaccine news. The S&P 500 bolted up almost 4% in price at market open this morning. Meanwhile, gold, another store-of-value asset, has fallen more than 5% over the last several hours, suffering continued carnage as of publication time. 

In addition to gold and BTC, a number of businesses that posted notable gains during pandemic lockdowns saw their company valuations fall today. Video conferencing platform Zoom watched its stock decline by approximately 19%, while Netflix fell almost 10%. Even e-commerce giant Amazon dropped more than 5%. 

Many expect Bitcoin to rebound at some point, just as it did after the original COVID-19 pandemic news in March.

Source: otcpm24.com

Author: News Bureau


Bitcoin dumps on news of successful COVID-19 vaccine trials

Bitcoin dumps on news of successful COVID-19 vaccine trials

Bitcoin (BTC) fell sharply in price this morning as pharmaceutical company Pfizer, in collaboration with biotech company BioNTech, announced a breakthrough in its COVID-19 vaccine.

Bitcoin fell approximately $1,000, over 6%, Between 7 and 10 am EST today on the vaccine news, from $15,800 down to a daily low near $14,815, based on TradingView data. Crypto’s pioneer asset bounced slightly by time of publication, sitting near $14,908. 

Earlier this morning, Pfizer publicized a statement claiming its COVID-19 vaccine has shown to be roughly 90% effective. The company said its numbers come after testing 43,538 subjects. The vaccine, however, still awaits final approval from the United States FDA: 

“Submission for Emergency Use Authorization (EUA) to the U.S. Food and Drug Administration (FDA) planned for soon after the required safety milestone is achieved, which is currently expected to occur in the third week of November.”

Bolstering Bitcoin’s narrative as a hedge or non-correlated asset, traditional financial markets rose as various news outlets covered the COVID-19 vaccine news. The S&P 500 bolted up almost 4% in price at market open this morning. Meanwhile, gold, another store of value asset, has fallen more than 5% over the last several hours, suffering continued carnage at press time. 

In addition to gold and BTC, a number of businesses who posted notable gains during pandemic lockdowns saw their company valuations fall today. Video conferencing platform Zoom watched its stock decline approximately 19%, while Netflix fell almost 10%. Even e-commerce giant Amazon dropped more than 5%. 

Many expect Bitcoin to rebound at some point, just as it did after the original COVID-19 pandemic news in March.

Source: bitcoinslate.com

Author: admin


Bitcoin Falls on Positive Coronavirus Vaccine Results; Risks Ahead?

Bitcoin Falls on Positive Coronavirus Vaccine Results; Risks Ahead?

Bitcoin’s second attempt to close above $16,000 hit a wall on Monday as traders assessed the latest progress on a coronavirus vaccine.

The benchmark cryptocurrency fell 0.77 percent, suggesting that its last week’s advance, which took its price to a three-year high, would reverse in the daily sessions ahead. Bitcoin also plunged on technical merits – to neutralize it overbought status on medium- and long-term charts – as traders booked their profits at the recently-established year-to-date high of $15,977.

Conversely, investors showed an intraday bullish bias towards the US Dollar Index (DXY). The greenback’s rate against a basket of foreign currencies surged 0.20 percent. Bitcoin and the US Dollar Index have a positive correlation with one another.

Bitcoin fell amid decreasing bids for safe-haven assets on Monday. Capital started shifting to the US dollar and the US stock market after Pfizer, a pharmaceutical company, and BioNTech SE – its partner – showed positive results in their vaccine trials against the novel coronavirus.

The news revived the pandemic losers’ fortunes, such as banks, airlines, and travel companies. Simultaneously, tech stocks that have so far outperformed other sectors performed less well on Monday.

Bitcoin rose prominently against the backdrop of the pandemic and its economic fallout. With the global central banks intervening with massive stimulus packages and other expansionary monetary policies, investors moved into Bitcoin for its anti-fiat features, primarily scarcity.

After Pfizer announced its coronavirus vaccine was more than 90% effective in preventing Covid-19 for those who had no evidence of previously being infected, CEO Albert Bourla said he believes the world “can see light at the end of the tunnel.” https://t.co/3acYVdSGkV pic.twitter.com/7kCDOAlZIO

A vaccine served as a risk for Bitcoin. It increased the possibility of curing people to reduce their ability to spread the coronavirus infections. In turn, the vaccine allowed investors to think in the direction of reopening economies more safely. It also pointed at reducing the need for stimulus packages.

The news’s impact was also visible on Gold, a Bitcoin rival. The precious metal dived almost 4 percent ahead of the New York opening bell Monday.

Before the vaccine news, Bitcoin showed symptoms of topping out after failing to hit $16,000 twice in the last four days.

On the 4H chart, as shown above, the cryptocurrency formed what appears to be a Double Top. Technically, the pattern serves as a bearish reversal indicator 75 percent of all the time, according to Samurai Trading Academy.

If valid, the Bitcoin price risked falling towards $14,325, the Double Top support to test the level for a breakdown move towards $12,700 (the maximum length between the support and the Double Top’s peak).

Conversely, if Bitcoin shakes down the vaccine worries, then it may attempt to break above $16,000 all over again to retest $20,000, its record high to date.

This post was originally published on www.newsbtc.com

Source: www.cryptoalphanews.com

Author: cm_team


Bitcoin dumps on news of successful COVID-19 vaccine trials


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