After dominating the trading markets, Bitcoin finally hits a slight bearish blow, which pushes the price value below $16,000. On the other hand, the traditional markets are rising amid news of a successful vaccine for COVID-19.
The Coronavirus has created chaos in the financial markets all over the world, which benefits the instruments that act as hedge investment tools, such as gold and Bitcoin. In the economic uncertainty caused by the Coronavirus pandemic, the top digital asset, known as Bitcoin, has gained the attention of institutional clients, such as billionaires, banks, and financial institutions.
Bullish Week for Bitcoin
Over the week, the primary cryptocurrency has witnessed a record performance as the value increased from “$15,000 on Sunday to $16,000 on Thursday.” In the bull run registered yesterday, the top digital asset broke all previous records since January 2018 after claiming $16,463. According to the on-chain analytics firm Messari, the value remained above $16k for only 12 days in the entire history of Bitcoin.
As the value flipped below $16,000 today, some market experts claim the bull run of the world’s leading cryptocurrency has ended, but at the same time, some are having a belief that the price is heading towards an all-time high value of $20,000.
Rally in the Traditional Markets
While Bitcoin’s price remains stagnant at around $16,000, the situation of Wall Street is very optimistic. This week, the famous pharmaceutical company of the United States has announced a vaccine, which is more than 90% effective. The news provides a moral to Wall Street investors as in the few last months, it is the first positive news about the Coronavirus. As a result of positive news about the potential solution of the pandemic, the traditional markets start expressing bullish patterns and break records in performance.
Successful progress in the development of the vaccine is not the only factor fueling bullish sentiments in the traditional markets, but the investors’ confidence is also getting a boost due to the presidency of Joe Biden whose major focus is on improving the economic condition of the US.