Both Bitcoin and U.S. stocks rallied on Monday after a large U.S. pharmaceutical company announced encouraging results from an extensive clinical examination of a potential COVID-19 vaccine.
Market positivism improved as the company Pfizer announced its experimental vaccine has shown up to 90% effectiveness in preventing infections from taking place in the ongoing clinical trial. This news ignited hopes that there may very soon be an effective prevention and cure for the coronavirus, which is currently spreading throughout regions such as the U.S. and Europe.
When the news broke, the Bitcoin price increased from $15,500 to $15,840 in about 15 minutes. Meanwhile, the futures on the S&P 500 rose over 100 points to reach a new high of $3,648, while Dow Jones futures rose more than 1,500 points.
Gold, on the other hand, fell from $1,950 to $1,900 as investors sold the safe-haven asset amid the enthusiasm on Wall Street.
The surprising coronavirus pandemic brought the global economy to an almost full halt in the second quarter and its recent spread is threatening to undermine the fragile economic rebuilding efforts.
Although the S&P 500 futures continue to trade near record highs, Bitcoin has erased gains to trade near $15,500. However, analysts believe Bitcoin bull run towards the 2017-2018 hights of $18-20,000 is still very much possible in the near future.
