The first hour of India’s BSE Sensex and Nifty 50 has suffered a loss of more than 1.6%. The other Asian markets, such as Singapore’s SGX Nifty, Japan’s Nikkei, the Shanghai Stock Exchange, all ended in the red.
Wall Street displayed an explosive opening yesterday, gaining more than 350 points within the first hour. This upside was riding on the strong earnings report of some of the companies. A lot of attention was on the Pharmaceutical companies.
Gilead’s failure to come up with a vaccine to COVID-19
Billions of people throughout the world prayed for the drug Remdesivir, developed by Gilead Sciences, to be the cure for the Coronavirus. The test results showed that the drug failed to have any effect.
Following this failure, the glimmer of hope got shattered. It transpired onto the stock markets, the effects of which can be felt throughout the Asian markets. The same would most probably be felt in the US equity markets as they open later in the day today.
BTCUSD falls below $7,800, will the downfall for Bitcoin continue
BTCUSD Chart Published on TradingView.com
The day’s range for BTCUSD is $7,466.07 — $7,564.72. Here’s the hourly chart for BTC.
- It can be seen from the chart that after the huge spike, Bitcoin seems to be consolidating. It is not good news, but this cannot be classified as bad news either.
- It seems that Bitcoin investors are not exactly cynical right now. Perhaps investors are waiting to see how the US equity markets perform today.
If historical trends are anything to go by, BTCUSD will replicate the movement displayed by Wall Street today.
