Emerges of New Covid-19 Variant lead Cryptocurrency Called Omicron Up 137%
The Omicron (OMIC) token has risen 137% in response to the World Health Organization's (WHO) announcement of COVID-19's latest variant.
During Monday's morning Asian trading session, OMIC's token reached a new high of $689. The move represents an additional 200% gain on the day for the token and a staggering 945% growth since Saturday's closing price of $65.
Since early November, bond-based yield farming has been developed as a fork of the DeFi protocol for OlympusDAO, but it bears no relation to the virus.
Backed by USDC and liquidity provider tokens, the Omicron token is powering a decentralized reserve currency protocol on the Arbitrum Network.
The outbreak of a new strain of the COVID-19 virus was detected in South Africa on Tuesday. The World Health Organization named it after the 15th letter of the Greek alphabet.
The S&P 500 Index and the Nasdaq Composite Index lost all of their gains for November as a result of the news of the new COVID-19 variant and Black Friday.
This new COVID-19 strain of the virus has been identified as being vaccine-resistant, causing panic selling by investors all over the world.
While stock markets have been doing well in the past, speculation about how the new strain might spread has shaken markets that have been doing well.
The cryptocurrency market also took a hit during this day. Trading in the early hours of the day saw a 2.62 trillion market capitalization fall to 2.39 trillion by midday.
Bitcoin, the world's most popular cryptocurrency, fell more than 9.89% after reaching a high of $59,450 on a day, to trade as low as $53,569.76. Most altcoins also saw losses in the double-digits.
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CoinGecko reported that total market capitalization has increased by 5.6% over the past 24 hours to $2.71 trillion, up from $2.64 trillion in the previous day. Crypto markets have seen an increase after falling to their lowest levels on Saturday.
CBW - External Analyst