A cryptocurrency by the identify of Omicron has entered the market
As international markets fell final week on information of the brand new Omicron coronavirus variant, one cryptocurrency with the identical identify soared after the Greek letter entered the investor lexicon.
The value of the hitherto-obscure digital token, whose Twitter feed has little greater than 1,000 followers, rose nearly ten-fold from Friday to Monday morning when it hit $688, earlier than tumbling as a lot as 75 per cent, crypto tracker CoinGecko mentioned.
Omicron the token, which its web site describes as “a decentralized treasury-backed foreign money protocol,” was buying and selling at about $371 at 1435 GMT.
On Thursday it was value about $65.The World Well being Group, which on Friday named the brand new COVID-19 variant Omicron, mentioned as extra nations reported instances it carries a “very excessive” international threat of surges, though scientists have mentioned it might take weeks to know its severity.
Bitcoin suffered its worst day in two months on Friday, dropping by greater than 8 per cent as buyers dumped shares and different riskier belongings in favour of perceived protected havens just like the greenback.
It has since recovered almost all of its losses, with international markets gaining a semblance of calm on Monday.
From “squid sport” to dogecoin, minor cryptocurrencies have this yr benefitted from hyperlinks to memes or net tradition, recording speedy booms and busts whereas extra mainstream names equivalent to bitcoin soar in reputation. It was not clear when the Omicron token was launched.
Information on its worth at CoinGecko was solely obtainable from November 8, whereas a Telegram channel beneath the identify OmicDAO was launched a day earlier.
Reuters was not capable of attain anybody representing Omicron for remark.
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