BUSINESS/ECONOMY| Nov 30, 2021 | WOZINGA NEWS
‘Omicron’ cryptocurrency soars after WHO gives new COVID variant same name
- The crypto token’s value has risen to an all-time high, owing to its name being similar to a new, potentially more infectious coronavirus variety.
- ‘Omicron’ reached a high of $689, representing a 945 percent rise in value over the previous three days.
By Elah Mae Ariate Wozinga Staff
The global markets sank last week because of the new Omicron coronavirus type. One cryptocurrency with the same name rose after the Greek letter entered the investor lexicon, according to CNN.
At 9:35 a.m. ET, Omicron, which its website characterizes as “a decentralized treasury-backed currency system.” It was trading at around $371. According to the report, it was worth around $65 on Thursday.
Unprecedented Spike of Omicron cryptocurrency
Since the World Health Organization (WHO) gave a new COVID-19 variant the same name. The value of ‘Omicron,’ a relatively lesser-known cryptocurrency, has increased by over 900 percent.
On November 27, the crypto coin was priced around $65 and has steadily increased since then. On November 29, it reached a high of $689, representing a 945 percent rise in value over the previous three days.
According to the report, the unusual increase in the value of Omicron has sparked online criticism. It is due to its name being like a new potentially more contagious coronavirus type.
Bitcoin suffered its worst day in two months on Friday
On Friday, bitcoin had its worst day in two months, falling more than 8% as investors sold stocks. Also, other riskier assets in favor of perceived safe havens like the dollar. It has since recovered virtually all its losses, with global markets returning to normal on Monday.
Even as other cryptocurrencies had a drop in value over the last week, the Omicron token experienced a gain over the weekend. According to sources, the Ethereum-based cryptocurrency may now only be exchanged on SushiSwap, a decentralized exchange.