The coronavirus pandemic has been a challenging event in plenty more ways than one. Apart from affecting the lives of millions of people worldwide, it has created a wildly volatile and fluctuating market condition in which investors never know which direction is coming next. Today, however, the pandemic received good news. A vaccine, developed by Pfizer, is said to have 90% effectiveness and has now represented the closest thing that we have to progress when it comes to keeping people safe from the coronavirus and getting a vaccine ready for public use.
On this news, markets jumped. The pandemic has held businesses around the world hostage due to the regulations and restrictions that must be put in place to keep people safe. Though they are well-intentioned, they have hurt business quite a bit. With the news of a vaccine getting close to being ready for public use, investors are seeing a possible light at the end of the tunnel.
Along with stocks, Bitcoin and other cryptocurrencies experienced a rise in price, a continuation of what has been occurring in recent weeks. This development is intriguing since investors are generally looking at Bitcoin as a safe haven. Though, Bitcoin has shown remarkable persistence in a variety of market conditions this year. It has risen in bad times and good times, signalling that perhaps a full-blown bull market is here to stay.
In the coming days and weeks, as we learn more about the vaccine that is supposedly close to ready to come to market, we will be intrigued to see the price action of Bitcoin and how it relates to traditional markets as well.
