The National Institute of Pharmaceutical Research and Development says the scientific evaluation of the drug sent to Nigeria by the government of Madagascar for the treatment of COVID-19 revealed that the drug cannot cure the disease.
The drug known as ‘COVID Organics’ was brought to Nigeria in May and was sent to the relevant authorities for evaluation.
NIPRD said the drug, which contains mainly Artemisia annua, reduces frequency of cough with maximum dose, yielding an effect equivalent to that produced by the centrally acting cough-suppressant, dihydrocodeine.
The institute, however, said it would further investigate the drug’s effect on tracheal mucus expectoration.
The findings read in part, “Safety studies show that COVID ORGANICS (CVO) products do not alter the normal physiology of the animals. CVO caused a significant decrease in the platelet counts although the values are within the physiological range for Wistar rats.”
“CVO reduced cough frequency with the maximum dose tested producing an effect equivalent to that produced by the centrally acting cough-suppressant, dihydrocodeine.”
Confirming the report to journalists on Sunday, the Director-General of NIPRD, Obi Adigwe, said the Madagascan authorities were hiding the analysis of the product.
He said this was most likely so because there was no scientific backing to the claim of the efficacy of the drug.
Adigwe said, “Well, I cannot tell you what they have done. I can only tell you what we have done here. The analysis we gave in our report is more detail than anything that had come from their country. They are hiding the analysis of their own product. If you go online, you cannot get the level of analysis that we gave.
“They are hiding a lot of things and I think it is possible that they know that they don’t have strong science backing up their claim. But our own analysis does not show any proof that it can cure COVID-19.”
The efficacy of the drug has come under question following the rise in the number of COVID-19 deaths in Madagascar in recent time.
Madagascar authorities have imposed a total lockdown some parts of the country due to the rise in coronavirus cases.
The country has confirmed 2,941 coronavirus cases, with 32 deaths and 1,108 recoveries, according to the Africa Centre for Disease Control and Prevention.
Credit: Punch News
Bitcoin continues to lead the cryptocurrency sector towards mainstream adoption on a global scale by directly competing with traditional players like banks. One indicator that highlights Bitcoin’s potential prospects is its impressive market capitalization.
Data gathered and analyzed by Buy Shares indicates that Bitcoin’s current market capitalization of $169.01 billion means that the asset would rank in the eighth spot if it was a bank.
The digital asset’s market cap is at least two times lower than JP Morgan Chase’s cap of $433.5 billion, making it the biggest bank in the world. Bitcoin would also rank lower than the Bank of America which as of July 2020 had a market cap of $306 billion. ICBC ranks third with a capitalization of 290.9 billion followed by China Construction Bank with a cap of $218.4 billion. From our data, Wells Fargo is the fifth-largest bank globally with a market cap of just $35.3 billion more than Bitcoin’s. Other banks ranked higher in the market cap above Bitcoin are Agricultural Bank of China and Citigroup at $178.8 billion and $171.5 billion respectively.
With about a decade in existence, Bitcoin’s current market cap has surpassed other major banks like HSBC that currently enjoys a cap of $157.5 billion. The Bank of China’s $146.6 billion also comes short of Bitcoin’s. China Merchants Banks has a cap of $137.7 billion to rank as the tenth-largest bank globally.
The Royal Bank of Canada ranks in the eleventh spot with a market cap of $116.6 billion followed by HDFC Bank Limited at $112.7 billion. Toronto Dominion Bank, Commonwealth Bank of Australia, and Morgan Stanley close to the top 15 banks globally with a market capitalization of $103.3 billion, $101.6 billion, and 93.09 billion respectively.
Bitcoin’s ROI remains positive amid economic turmoil
Compared to the stocks of major banks, Bitcoin holds an impressive Return of Investment based on Year-to-Date overview. Our research shows that the maiden cryptocurrency has an ROI of 27.18% with China Construction Bank Corporation coming a distant second with an ROI of 2.52%. The Industrial and Commercial Bank of China has returns of -19.5%.
Elsewhere, JP Morgan Chase has an ROI of -29.58% followed by Bank of America’s -34.07%. The list of the overviewed banks, Wells Fargo has the worst returns at -53.62%.
In the traditional financial sector, market capitalization refers to the total value of issued shares of a publicly-traded company. For Bitcoin, the market cap refers to a metric that measures the relative size of a cryptocurrency. In this case, Bitcoin has an impressive development journey with a fast-rising market despite being much younger compared to the overviewed banks.
Despite remaining highly volatile like other cryptocurrencies, Bitcoin has attracted attention from governments considering that the asset has acted as a hedge against unstable currencies. Bitcoin proponents continue to push for the mainstream adoption, something that will potentially push the asset’s market cap to new levels.
Bitcoin shows resilience as traditional market crumbles
Analysis of the return of investment shows that Bitcoin might be on course to becoming an alternative source of wealth. In the first and second quarters of this year, the coronavirus pandemic wrecked the global economy leading to the crumbling of most stocks. Major stocks ROI has been in the red zone but Bitcoin appears not to have been impacted greatly. Largely, Bitcoin has remained resilient throughout this season despite occasional tumbling attributed to fear to spread from traditional markets.
Notably, even after sustaining some occasional drops, Bitcoin found a natural bottom and vigorously rebounded in the coming weeks with liquidity levels normalizing. On the other hand, traditional stocks like the highlighted leading banks are still planning for a recovery something that directly impacts their market cap and return of investment. It can be deduced that the Bitcoin market is highly resilient and self-correcting, even in the absence of external intervention.