Tiny Cryptocurrency Called Omicron Suddenly Explodes, Even As New Variant Of Covid-19 Pushes Bitcoin Price And Crypto Markets Up

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A new, fast-spreading variant of Covid-19, dubbed omicron, brought down bitcoin, cryptocurrency and traditional markets this week, with investors being warned to “stay on guard.”

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The price of bitcoin has lost more than 5% in a matter of hours this week, pushing its decline from around $ 69,000 per bitcoin to 20% and plunging bitcoin into a technical bear market that wiped out billions of dollars in the combined market. cryptocurrencies. capitalization.

However, the price of a tiny cryptocurrency, coincidentally named omicron, suddenly skyrockets, adding about 500% since the World Health Organization named the new variant of Covid-19, reminiscent of the rise and fall. sudden fall from a scam inspired by the game Squid. cryptocurrency last month.

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New German Chancellor Olaf Scholz issues serious Bitcoin and crypto warning ahead of latest price spikeBy Billy Bambrough

The price of omicron’s omic cryptocurrency has risen by around 500% over the past few days despite no … [+] links with the new variant of Covid-19 and are skyrocketing as the price of bitcoin has fallen sharply.

dpa / photo alliance via Getty Images

The bubbling cryptocurrency market – which can mean even larger, more established coins regularly register sudden double-digit percentage gains and losses – often sees tiny cryptocurrencies rise in value only to collapse little soon after.

Last month, an amateur crypto project inspired by the viral TV show Squid Game but not affiliated with it or Netflix NFLX, saw its squid cryptocurrency rise by several thousand percent before falling back to almost nothing.

This year, a torrent of memes-based cryptocurrencies, led by dogecoin and its biggest rival shiba inu, has skyrocketed the cryptocurrency price charts as traders bet the hype aided by the Tesla billionaire Elon Musk will translate to longer-term value.

The price of omicron’s omic coin has risen from around $ 50 to almost $ 400 over the past few days, as measured by cryptocurrency price data tracker CoinGecko. Despite its boom, neither CoinGecko nor the bitcoin and cryptocurrency exchange Crypto.com have enough data on omicron to give it a market cap.

Omicron, described as “a decentralized, treasure-backed currency protocol” built on Ethereum Arbitrum’s scaling technology and launched just a few weeks ago, can only be traded on the controversial SushiSwap decentralized exchange. Such exchanges, the decentralized nature of which means there is no central authority in charge, are known to be often affected by hacks, exploits and so-called carpet draws that see user funds. stolen.

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MORE FORBES Watch this key level as the price of Bitcoin, Ethereum, BNB, Cardano, Solana and XRP continues to riseBy Billy Bambrough

The price of omicron began to rise after the WHO named the new variant of Covid-19, rising even as the … [+] the price of bitcoin and other cryptocurrencies has fallen sharply.

Crypto.com

Meanwhile, bitcoin and crypto market watchers are broadly optimistic despite the new variant of Covid-19 that brought the price of bitcoin down this week.

“The announcement of a new variant of Covid from South Africa has resulted in a massive sell-off across all asset classes,” said Martha Reyes, head of research at Bequant, brokerage and exchange of digital assets, in comments sent via email. “If lockdowns ensue, which is not our baseline scenario, it will lead to more helicopter money, which will ultimately benefit digital assets.”

The crypto sale this week, which has seen the price of bitcoin fall in line with traditional markets, has surprised some in the crypto industry who are used to crypto prices moving independently of stocks and assets. traditional.

“The cryptocurrency market, for the most part, does not correlate with traditional markets,” said Tally Greenberg, business development manager at blockchain company Allnodes, in comments sent via email.

“However, it sometimes happens that even the cryptocurrency follows world events. News of a new variant of Covid-19 has rocked the world with further uncertainty about our global path to recovery, causing a major drop in cryptocurrencies large and small and plummeting stocks and ties between all nations. “

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