Numerous pharmaceutical companies around the world have lately been putting their entire resources on the research and development of a vaccine against the Coronavirus. Gilead pharmaceuticals inc has today announced positive results towards the development of its vaccine Remdesivir. It could be a historic day for all humanity.
The US equity markets are off to a flying start. Various estimates stating that GDP growth would be almost negligible for several nations seem to be offset by the excellent news from Gilead.
Best performing equities in the three major indices
Stocks that are in focus:
- Aircraft manufacturer Boeing is up by 5.20% and is trading at $137.65.
- Credit card company Visa is up by 5.02%.
- American Airlines is one of the most traded securities in the SPX and is up by 8.88%.
- Gilead is up by 4.31%.
Investor sentiments fuel the spectacular rise in Wall Street. People are optimistic that the lockdown restrictions will be removed, and various economic activities will resume. On top of that, the news from Gilead has sparked a new ray of hope.
Bitcoin jumps with the US equity markets, BTCUSD crosses $8400
Bitcoin investors are aligned with the significant rise in Wall Street. Investors saw the opportunity to buy as it was imminent for BTC to rise. As of writing this article, BTCUSD is at $8,291.25. With the Bitcoin markets reacting such vigorously to the equity markets, it is a bit unpredictable as to which way Bitcoin goes from here.
BTCUSD technical analysis
Here’s the BTCUSD hourly chart. Source: TradingView.com
Earlier in the day, we saw Bitcoin breaking out of a triangle pattern. Our analysis and prediction suggested that BTC would $8,014. That was before the news from Gilead came.
The volume traded for BTCUSD are higher than the last several trading sessions by a large margin.
Now, with the equity markets flying and BTC investors merely copying it, people should be careful, as BTC might come down crashing too.
