Bitcoin Price Falls $1,000 on COVID-19 Vaccine News
The United States pharmaceutical giant, Pfizer, in collaboration with BioNTech, a Biotech company, has found a breakthrough that would help in the fight against the COVID-19 pandemic. Though it isn't approved by the FDA, the vaccine, which they claim is 90 percent effective, comes after testing 43,538 subjects. Bitcoin prices fell $1,000 on the news.
The coronavirus pandemic has claimed millions across the globe, causing trillions in losses across the globe. News of an effective vaccine from Pfizer saw the stock market recover since approval by authorities will mark the beginning of a possible end of the deadly virus and the resumption of normalcy. As the pandemic damaged economies, forcing governments to rollout mitigation measures and debasing their currencies, gold, Bitcoin, and safe-haven currencies gained.
Impact of the BTC Price:
Bearish. In the next few weeks, the back and forth between Pfizer and the FDA may see the vaccine approved though there might be political influences to see its success. President Trump, before the elections, expressed his confidence. Restoration of normalcy will see capital flow away from safe havens like Bitcoin and gold towards the stock market and even altcoins.