Bitcoin was higher for a second day, staying in a range of between roughly $15,200 and $15,600 after Pfizer and German partner BioNTech announced today their coronavirus vaccine was more than 90% effective in preventing Covid-19 among those without evidence of prior infection, hailing the development as “a great day for science and humanity.” Albert Bourla, Pfizer’s chairman and chief executive, said.
After Pfizer announced its coronavirus vaccine was more than 90% effective in preventing Covid-19 for those who had no evidence of previously being infected, CEO Albert Bourla said he believes the world “can see light at the end of the tunnel.” https://t.co/3acYVdSGkV pic.twitter.com/7kCDOAlZIO
— CNBC (@CNBC) November 9, 2020
“We are reaching this critical milestone in our vaccine development program at a time when the world needs it most with infection rates setting new records, hospitals nearing over-capacity and economies struggling to reopen.”
The Dow Jones Industrial Average traded 1,563 points higher, or 5.5% and hit an all-time high. The S&P 500 also rose a record, popping 3.7%. The Nasdaq Composite was the relative underperformer, trading 1.3% higher. The small-cap Russell 2000 index gained 4.6%.
Bitcoin raised questions over its performance in a risk-on climate, jumping in correlation with other assets within minutes of the news, before dipping back to a higher low of around $15,100.
Ether followed Bitcoin’s trajectory. Despite the dip, the initial surge across both assets gives further credence to the theory that crypto markets are still largely correlated with stocks such as the S&P500.
Gold has also dropped, suggesting that many market participants are unsure how to price in the news.
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