Stocks Rally On New COVID-19 Vaccine News, Bitcoin Yet To React

Stocks Rally On New COVID-19 Vaccine News, Bitcoin Yet To React 101
Source: Adobe/Leigh Prather

Today, the stock market was once again fuelled by new COVID-19 vaccine news while bitcoin (BTC) is yet to decide its direction.

US-based Moderna Inc. said its vaccine was 94.5% effective in a preliminary analysis of a large late-stage clinical trial, compared with 90% in the case Pfizer and BioNTech SE. Moderna shares rose 12% in pre-market US trading, while in Europe, the Stoxx 600 Index was up 1.4%, according to Bloomberg data.

At pixel time (12:27 PM UTC), BTC trades at USD 16,302 and is down by 0.4% in an hour. The price is up by 1.6% in a day and more than 4% in a week.

After the Pfizer announcement on November 9, BTC, initially, turned red following the news, later trimming its losses.

A preliminary analysis of data from more than 30,000 volunteers showed Moderna’s vaccine prevented virtually all symptomatic cases of COVID-19. “Preliminary analysis suggests a broadly consistent safety and efficacy profile across all evaluated subgroups,” the company added.

Moderna intends to submit for an Emergency Use Authorization (EUA) with the US Food and Drug Administration in the coming weeks and anticipates having the EUA informed by the final safety and efficacy data (with a median duration of at least 2 months). Moderna also plans to submit applications for authorizations to global regulatory agencies.

“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,” Stéphane Bancel, CEO of Moderna, was quoted as saying in the press release.