Cryptocurrency ‘Omicron’ experience’s roller coaster rise in value

Nov 30, 2021: As news of a new strain of the Omicron corona virus variant spread and global markets plummeted last week, a cryptocurrency of the same name rose after it entered the investor lexicon.

The as yet little known digital asset, whose Twitter feed has little more than 1,000 followers, rose almost ten-fold from Friday to Monday morning when it hit $688, before tumbling as much as 75%, crypto tracker CoinGecko said.

Omicron the token, which its website describes as “a decentralised treasury-backed currency protocol,” was trading at about $371 at 1435 GMT. On Thursday it was worth about $65.

The World Health Organization (WHO), which on Friday named the new COVID-19 variant Omicron, said as more countries reported cases it carries a “very high” global risk of surges, although scientists have said it could take weeks to understand its severity.

Bitcoin suffered its worst day in two months on Friday, dropping by more than 8% as investors dumped stocks and other riskier assets in favor of perceived safe havens like the dollar. It has since recovered nearly all of its losses, with global markets gaining a semblance of calm on Monday.

The World Health Organization (WHO), which on Friday named the new COVID-19 variant Omicron, said as more countries reported cases it carries a “very high” global risk of surges, although scientists have said it could take weeks to understand its severity.

Bitcoin suffered its worst day in two months on Friday, dropping by more than 8% as investors dumped stocks and other riskier assets in favor of perceived safe havens like the dollar. It has since recovered nearly all of its losses, with global markets gaining a semblance of calm on Monday.

During the past year, many minor cryptocurrencies have benefited from their links to to memes or web culture, recording rapid booms and busts while more mainstream names such as bitcoin soar in popularity.

It was not clear when the Omicron token was launched. Data on its price at CoinGecko was only available from November 8, while a Telegram channel under the name OmicDAO was launched a day earlier.

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