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.
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.

Pavan A
CBW - External Analyst
INDIA