Bitcoin and gold retreat on COVID-19 vaccine news

On Monday, November 9, the U.S. stock market hit new highs on the back of positive news from COVID-19 vaccine makers. Bitcoin initially rose, but after a few hours it pulled back.

German pharmaceutical company BioNTech and its American partner Pfizer announced that their vaccine reduces the risk of contracting COVID-19 by 90%. After that, S&P 500 futures reached an all-time high, rising from $3,555 to $3,650.

Daily chart of the S&P 500 from Investing.com.

Brent crude rose by 10%. The DAX index cleared the 13,200 level (+5.60%).

Four-hour chart of the DAX from TradingView.

Bitcoin’s price initially rose along with the S&P 500, but after hitting $15,870 it corrected. As of writing, the leading cryptocurrency was trading around $15,100.

Hourly BTC/USD chart on Bitstamp from TradingView.

Gold also moved into the red, shedding 4.85% over the last 24 hours.

Hourly gold chart from TradingView.

The 90-day Bitcoin-to-gold correlation is twice as high as that with the S&P 500. Source: BlockchainCenter.

Earlier, on November 6, Bitcoin approached the $16,000 mark for the first time in more than two years. Total open interest in Bitcoin futures reached $5.7 billion.

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