Home » Cryptocurrency News » Cryptocurrency News » Markets Spike as Coronavirus Vaccine Trial Shows 90% Success Rate Markets Spike as Coronavirus Vaccine Trial Shows 90% Success Rate November 9, 2020
Nov 9, 2020 at 13:38 UTC Updated Nov 9, 2020 at 13:39 UTC
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Both bitcoin and the U.S.stock futures shot up on Monday after a U.S.pharmaceutical giant announced positive results from a large-scale clinical trial of a coronavirus vaccine.Risk appetite improved as Pfizer said its experimental vaccine is 90% effective in preventing infections in the ongoing trials, Bloomberg reported.The news raises hopes that there may soon be an effective treatment for COVID-19, which is again running rampant through regions such as the U.S.and Europe.
CoinDesk data shows that as the news broke, bitcoin jumped from $11,500 to $11,840 in the 15 minutes to 12:00 UTC.That came as the futures tied to the S&P 500 surged over 100 points to reach a record high of $3,648, and Dow Jones futures rose 1500 points.
Gold, meanwhile, fell from $1,950 to $1,900 as investors sold safe-haven assets amid the rally on Wall Street.The coronavirus pandemic brought the global economy to a near standstill in the second quarter and its recent resurgence is threatening to derail the fragile economic recovery.The vaccine news, therefore, bodes well for growth-sensitive stocks and other risky assets.While the S&P 500 futures continue to trade near record highs, bitcoin has erased gains to trade near $10,500.
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