Volatility is undoubtedly back within the crypto markets. Over the past few hours, Bitcoin gained about $600 and lost them almost immediately.
This happens as one of the world’s largest drugmakers, Pfizer, said that its COVID19 vaccine has been positive in over 90% of the trial cases.
Bitcoin Pumps and Dumps $600 In Hours
The past few weeks have been nothing but exciting for Bitcoin as the cryptocurrency managed to briefly touch $16,000 for the first time in years.
Today, it was also going on a positive note and it came really close to break the previous 2020 high. Unfortunately, the attempt was for not.
BTC’s price reached an intraday high of around $15,854 on Binance and it went downhill from there. At the time of this writing, the cryptocurrency is trading at around $15,300, having lost almost $600 – the amount it gained an hour before that.
Meanwhile, Bitcoin’s dominance has remained rather flat over the past 24 hours without any major turbulence going on there. This means that the rest of the market has failed to break new grounds.
Pfizer Announces COVID19 Vaccine Trial Results
The major volatility in Bitcoin’s price came just as Pfizer, one of the world’s leading pharmacology companies, announced that 90% of the people involved in its COVID19 vaccine trials were protected from the virus within 28 days of having their jabs.
Speaking on the matter was Dr. Albert Bourla, Pfizer Chairman and CEO, who said:
“Today is a great day for science and humanity. The first set of results from our Phase 3 COVID0-19 vaccine trial provides the initial evidence of our vaccine’s ability to prevent COVID-19 […] With today’s news, we are a significant step closer to providing people around the world with a much-needed breakthrough to help bring an end to this global health crisis.”
Traditional market futures welcomed the news gladly, charting tremendous increases. S&P 500 futures are up 4.37% at the time of this writing, while the Dow Jones Futures 30 are up almost 6%.