The bitcoin (BTC) price fell sharply this morning when pharmaceutical company Pfizer, in partnership with biotech 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 today, according to polls, from $ 15,800 to a daily low close to $ 14,815, according to TradingView. Crypto core assets jumped slightly after publication and approached $ 14,908.
Earlier this morning, Pfizer released a statement claiming that the COVID-19 vaccine was nearly 90% effective. The company said that this number was obtained after testing 43,538 people. However, the vaccine is pending final approval by the US Food and Drug Administration:
“The FDA is slated to file an Emergency Use Authorization (EUA) shortly after achieving the required safety level, which is currently expected in the third week of November.”
Continuing Bitcoin’s history as a hedge or unrelated asset, traditional financial markets have expanded as various media outlets covered news of the COVID-19 vaccine. The S&P 500 is up about 4% at the open this morning. Meanwhile, gold, another valuable asset in the stock, has dropped more than 5% in recent hours due to the constant bloodshed in terms of posting times.
Apart from gold and BTC, a number of companies that made notable profits during the peaks of the pandemic saw the value of the company plummet today. Zoom’s video conferencing platform share fell by nearly 19%, while Netflix’s share fell by about 10%. Even e-commerce giant Amazon fell more than 5%.
Many expect Bitcoin to recover at some point, as it did after news of the original COVID-19 pandemic in March.