Markets look volatile as Pfizer Inc. and BioNTech SE share details of a vaccine against SARS-CoV-2 that is 90% effective.
Pfizer and BioNTech’s vaccine announcement for preventing COVID-19 has shaken Bitcoin and equities markets.
COVID Vaccine Tested on Tens of Thousands
Today, pharma giants shared details of a treatment effective in 90% of vaccine candidates, following an in-depth study of 43,538 participants.
The trials evaluated 94 confirmed cases of COVID-19. It’s by far the closest treatment to a COVID-19 vaccine announced so far, and markets have responded shakily.
Pfizer’s shares rose by around 7% when the announcement dropped, while BioNTech American’s depositary receipts are up 11%. SPX futures also jumped 3%.
Meanwhile, Bitcoin raised questions over its performance in a risk-on climate, jumping in correlation with other assets within minutes of the news, before dipping back to a higher low of around $15,500.
Ether followed Bitcoin’s trajectory. Gold has also dropped, suggesting that many market participants are unsure how to price in the news.