Traditional Markets Make Upward Moves amid News of Vaccine’s Effectiveness for Coronavirus
The US futures markets pump after an announcement for the COVID-19 vaccine that is almost 90% effective. The company has updated the press about its vaccine after a “large-clinical trial.”
Vaccine Shows 90% Effectiveness
According to a US pharmaceutical company Pfizer, its vaccine is effective more than 90%. It has been used on a wide scale for trial, which remains very successful.
After the announcement by the pharmaceutical firm, the traditional markets express goodwill by making upward moves.
When the World Health Organization declared COVID-19 a pandemic, the markets suffered and lost billions of dollars as a result. Following the US equity and stock markets, the top digital asset Bitcoin lost half of its value, which was a very big loss for the primary cryptocurrency. But soon after that loss, it started to recover and made a new start in the upward direction.
Economic Loss due to COVID-19
Due to the Coronavirus pandemic, the economic position of various countries, including the US, has faced bad consequences. Lockdowns after that resulted in high fiat inflation, which made things worse. In order to combat the negative effects of the pandemic and lockdowns, the Federal Reserve printed cash in a lot of amounts. With no vaccine in the near eyes, the economic instability started across the countries.
The recent news on a vaccine has comforted the US markets. For instance, the S&P 500’s futures reach above 100 points and claim $3,648, while on the other hand, futures linked with Dow Jones have increased 1500 points.
However, safe-haven assets, which act good in times of economic uncertainty, have not expressed a bullish stance over the news of the vaccine’s effectiveness. Due to the positive situation in Wall Street, few people tried to sell safe-haven assets as gold plunged from $1,950 to $1,900.
Digital assets markets are not showing bullish expression amid good news in Wall Street. The world’s leading digital currency is down 1.22% over the last 24-hours, but still, it is hovering above $15,000. Most of the major coins, including Ethereum, XRP, Chainlink, Bitcoin Cash, and others, are also going slightly downward.
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