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Bitcoin's Rally Falters After Failing To Break Past $16,000

Emily Mason

Summary: As the U.S. stock market soars following the promising results from Pfizer's coronavirus vaccine trials, Bitcoin's rally is slowing after the currency failed to break past the $16,000 level.  Bitcoin is currently trading at $15,361 and is down 1.03% after nearing $16,000 earlier on Monday. Edward Moya, a senior market analyst at Oanda Corp, told Bloomberg ...

As the U.S. stock market soars following the promising results from Pfizer's coronavirus vaccine trials, Bitcoin's rally is slowing after the currency failed to break past the $16,000 level. 

Bitcoin is currently trading at $15,361 and is down 1.03% after nearing $16,000 earlier on Monday. Edward Moya, a senior market analyst at Oanda Corp, told Bloomberg that Bitcoin's price action is mirroring gold demonstrating that investors see the cryptocurrency as a safety trade. With a vaccine for coronavirus seemingly imminent, traders are reducing their crypto exposure, Moya said. 

By Emily Mason

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