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Bitcoin rises 7%, back in the green for 2020

Experts say it now has to reclaim $8,000 to start the bull run.

April 07, 2020 / 09:17 IST
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Bitcoin rallied 7 percent on April 7 as investors turned to the digital currency amid the coronavirus outbreak that has roiled the equity markets.

The world's largest cryptocurrency has breached the $7,000 mark and is now trading above its 2019 closing price of $7,222. At the time of writing this copy, the digital currency was quoting $7,321.83, up 6.99 percent. It made a 24-hour high of $7,459.09 and a 24-hour low of $6,810.17.

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Bitcoin has now recovered 90 percent from its 2020 low but is still trading nearly 31 percent lower from its 2020 high.

Before COVID-19 became a pandemic, Bitcoin was on a fairytale run this year rising over 46 percent YTD, ahead of all other asset classes. Like its peers, the cryptocurrency, too, succumbed to the turmoil as the economic damage from the coronavirus pandemic forced investors to the sidelines.

COVID-19 Vaccine

Frequently Asked Questions

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How does a vaccine work?

A vaccine works by mimicking a natural infection. A vaccine not only induces immune response to protect people from any future COVID-19 infection, but also helps quickly build herd immunity to put an end to the pandemic. Herd immunity occurs when a sufficient percentage of a population becomes immune to a disease, making the spread of disease from person to person unlikely. The good news is that SARS-CoV-2 virus has been fairly stable, which increases the viability of a vaccine.

How many types of vaccines are there?

There are broadly four types of vaccine — one, a vaccine based on the whole virus (this could be either inactivated, or an attenuated [weakened] virus vaccine); two, a non-replicating viral vector vaccine that uses a benign virus as vector that carries the antigen of SARS-CoV; three, nucleic-acid vaccines that have genetic material like DNA and RNA of antigens like spike protein given to a person, helping human cells decode genetic material and produce the vaccine; and four, protein subunit vaccine wherein the recombinant proteins of SARS-COV-2 along with an adjuvant (booster) is given as a vaccine.

What does it take to develop a vaccine of this kind?

Vaccine development is a long, complex process. Unlike drugs that are given to people with a diseased, vaccines are given to healthy people and also vulnerable sections such as children, pregnant women and the elderly. So rigorous tests are compulsory. History says that the fastest time it took to develop a vaccine is five years, but it usually takes double or sometimes triple that time.

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After two weeks of pain, the Bitcoin made a comeback on March 25 after the US Federal Reserve said it had "infinite cash" to deal with the implication of the virus on the economy.

Experts say it now has to reclaim $8,000 to start the bull run.

Moneycontrol News
first published: Apr 7, 2020 09:17 am

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