The two markets that have recorded a relief rally in the last 48 hours are the stock market and the crypto market. One of the main gainers has been the biopharmaceutical company behind the potential COVID-19 Cure, Gilead Sciences. Its stock has in the last 24 hours gone up by more than 5%. Another top gainer been Bitcoin which has rallied by more than 15%. But in Bitcoin’s case, it is further riding on FOMO as it approaches a major event in the form of reward halving.
As Dr. Fauci has indicated, the tests of remdesivir, the latest drug that has shown positive data, we are still in the very early stages. The doctor said that the tests that have been conducted. This means that scientists can further try to accelerate the development of the drug.
Some other stocks have rallied due to renewed optimism that lockdowns around the world are easing. Some of these are Oil-related companies. With demand in recent weeks at ATHs, the promise of ease lockdowns promises new demand for oil. This is consequently boosting stocks.
Stocks remain a long way from their recent highs and it is predicted that it will be months or years before they can recover. This, however, is not the case with Bitcoin. The world’s first cryptocurrency, which was notably born out of a financial crisis has already regained all post-Pandemic losses.
Other than COVID-19 Cure…
Bitcoin having reached as high as $9K, it is now set up for ATHs. In just two weeks, the digital asset is set to undergo a halving. The event takes place only once every four years. This will reduce the reward that miners receive for mining a block of Bitcoin. This original design is aimed at reducing inflation and ensuring demand. In the past, it has led to historic rallies, and once again it is on track to set a new record.