Gilead Sciences’s successful trial with the drug remederivir results has driven the price of risk assets up, including Bitcoin. But, sustainability is a question mark as profit taking has already emerged.
Bitcoin recently broke out at USD7,200, a significant development, but there’s not likely to be an epic bull run for now. On the other hand, Ethereum is outperforming, and is challenging the former support/resistance of 0.025 ETH.
The People’s Bank of China (PBOC) reportedly leaked details of its upcoming CBDC e-wallet project. While it is a long-term positive catalyst for cryptocurrencies, there is a tendency of over-estimating the short-term impacts.