Bitcoin Price: Crypto Bounces Back As Global Stock Markets Dip On Omicron Fears

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Cryptocurrency has made an incredible comeback as the rest of the world feels Omicron’s economic shockwaves.

Bitcoin had an incredible start to the week as the rest of the world collapsed over fears of the new Omicron Covid-19 variant.

Although stock markets around the world are in free fall from Friday following the official WHO warning against the new viral strain and subsequent border closures around the world, bitcoin appears to be defying the trend by rising by 6% in just a few hours on Monday. .

Cryptocurrency is climbing higher while Wall Street is in the red.

Bitcoin hit a 24-hour high of US $ 58,270.29, according to CoinDesk. At the time of writing, the blockchain is sitting down slightly, at US $ 57,643.

Meanwhile, the rest of the world is bottoming, with US, European and Asian markets not escaping the fallout from the mutant virus.

Like everyone else, bitcoin plunged on Black Friday after the WHO announcement, dropping 8% in a single day.

Other cryptocurrencies also fell significantly, particularly Ethereum, which fell below US $ 4,000 on Friday and, after a brief rally, again on Sunday.

On Saturday, the Bitcoin Fear and Greed Index, which measures the emotions of coin holders, found investors “extremely fearful.”

CoinDesk said this was the index’s lowest level since the end of September.

However, on Monday, bitcoin had rebounded significantly.

Meanwhile, the stock markets were feeling Omicron’s shockwaves. Australia’s ASX 200 started the day down 1.7% before starting to recover and the US fell 2% while the UK slumped 3.6%.

France and Spain fell further, both experiencing a 5% drop.

It’s unclear exactly what made the bitcoin market soar when all other exchanges fell.

“The fate of the crypto market could face weeks of uncertainty as investors await the potential impact of omicron,” CoinDesk noted.

This isn’t the first time the experimental coin has apparently turned the tide.

Earlier this month, the US government announced that inflation had hit a 31-year high.

Instead of driving down bitcoin, the blockchain rose $ 2,500 within 45 minutes of the announcement.

Read related subjects: Cryptocurrency

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