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Bitcoin Extends Rebound on AstraZeneca-Oxford Vaccine Results

Bitcoin rose Monday, putting itself back on track to retest its record high after promising results on a coronavirus vaccine reinforced hopes of an economic rebound next year.

The spot BTC/USD exchange rate climbed 0.95 percent after the benchmark cryptocurrency briefly snapped its six-week winning streak on Sunday. The pair touched an intraday high of $18,777, followed by a small correction lower. Nevertheless, it maintained its overall upside bias for the New York session ahead.

Another Vaccine

The University of Oxford and AstraZeneca said their experimental vaccine was up to 90 percent effective against coronavirus without any serious side-effects. Their announcement added to optimism among investors that the launch of an effective drug could curb the pandemic by the next year while allowing the beaten financial assets to retain their losses.

It was visible in the pre-session trading moves in the US stock market. Futures linked to the S&P 500 rose climbed 0.5 percent, pointing to a profitable New York session ahead. Nasdaq-100 and Dow Jones rose 0.4 percent and 0.6 percent, respectively.

Meanwhile, focus on risk-on assets kept the US dollar under pressure. The greenback fell 0.36 percent on Monday against the basket of leading foreign currencies. Its weakness, in turn, allowed Bitcoin to recover higher for the session.

The cryptocurrency had surged similarly after Pfizer and Moderna announced their vaccine results, iterating that its traders didn’t see the coronavirus cure as a threat.

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