Coronavirus Vaccine’s Announcement and Bitcoin

The global economy has been on ice since last March and development rates have dropped. On the other hand, Bitcoin is an excellent choice along with other cryptocurrencies as a sector to get involved as it is a major force for e-commerce.

Pfizer’s announcement for testing vaccine effectiveness over 90 %, gave hope in the markets and many stocks rose. The opposite happened to Bitcoin in the intraday time, which took a major hit from capitals that decided to leave the market.

Bitcoin was the safe haven for many investors during the lockdown period as they want to protect their capitals from traditional markets’ uncertainty. In the next period, we will observe if Bitcoin served as a temporary solution for markets and investors or it will sustain its brightness in the vaccine times.