Market Cap
24h Vol
7051
Cryptocurrencies
76544
Markets
2020-11-10

Bitcoin's reaction to the news of the COVID-19 vaccine

Bitcoin (BTC) fell sharply in price as the pharmaceutical company Pfizer, in collaboration with biotechnology company BioNTech, announced a breakthrough in its COVID-19 vaccine.

Bitcoin fell by about $1,000, more than 6%, between 12:00 and 15:00 UTC from $15,800 to a low daily level of nearly $14,815, according to TradingView. Crypto's pioneering assets bounced back slightly at the time of publication, reaching almost $14,908. 

Pfizer published a statement that its COVID-19 vaccine is approximately 90% effective. The company reported that its numbers came from 43,538 participants. However, the vaccine is still awaiting final approval by the U.S. Food and Drug Administration.

In addition to gold and BTC, many companies that made significant profits during the pandemic closure have today seen their valuations fall. The Zoom video conferencing platform recorded a decline in the value of shares of about 19%, while Netflix fell by almost 10%. Even the e-commerce giant Amazon fell by over 5%. 

Many expect Bitcoin to rebound at some point, as it did after the first COVID-19 pandemic in March.