A Tiny Cryptocurrency Called Omicron Is Suddenly Rocketing—Even As The New Covid-19 Variant Tanks The Bitcoin Price And Crypto Markets

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A new, fast-spreading COVID-19 variant called Omicron has sent bitcoin, cryptocurrency and traditional markets into a recession this week, with investors warning to “be cautious”.

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The price of bitcoin is down more than 5% in the past few hours this week, falling 20% ​​from an all-time high of nearly $69,000 per bitcoin — plummeting bitcoin into a technical bear market and losing billions of dollars from the combined cryptocurrencies. Eliminate market capitalization.

However, the price of a small cryptocurrency, coincidentally named Omicron, has been on a sudden rise, rising nearly 500% in the days after the World Health Organization named the new COVID-19 variant – a sudden surge of scams and Recalling the collapse of the Squid game-inspired cryptocurrency last month.

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The bubbly cryptocurrency market – this can mean that larger and more established coins regularly record sudden, double-digit percentage gains and losses – often sees smaller cryptocurrencies rocket in value only to collapse after a short period of time.

Last month, an amateur crypto project inspired by the viral squid game TV show but unrelated to or Netflix
NFLX
, saw its Squid cryptocurrency add several thousands of percent before crashing back to almost nothing.

This year, a torrent of meme-based cryptocurrencies, led by Dogecoin and its biggest rival Shiba Inu, rocked cryptocurrency price charts as traders staking bets helped Tesla billionaire Elon Musk translate long-term value Is.

As measured by cryptocurrency price data tracker CoinGecko, the price of Omicron’s Omic coin has risen from around $50 to nearly $400 in the past few days. Despite its boom, neither CoinGecko nor Crypto.com bitcoin and crypto exchange has enough data on Omicron to give a market capitalization.

ommicron, described As “a decentralized Treasury-backed currency protocol” built on Ethereum scalping technology Arbitrum and launched just a few weeks ago, it can only be traded on the controversial decentralized exchange Sushi Swap. Such exchanges, whose decentralized nature means there is no central authority in charge, are often affected by hacks, exploits and so-called rag bridges that see users’ funds stolen.

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Meanwhile, bitcoin and crypto market watchers are widely upbeat, although the new COVID-19 version has sent the bitcoin price into a bearish this week.

“The news of a new COVID version coming out of South Africa led to a broad-based sell-off across the asset class,” Martha Reyes, head of research at digital asset prime brokerage and exchange Bequant, said in an emailed comment. “If there is a lockdown, which is not our base case, it will lead to further helicopter money, which will ultimately benefit digital assets.”

“The cryptocurrency market, for the most part, does not belong to traditional markets,” Tally Greenberg, head of business development at blockchain company Allnodes, said in an emailed comment. “However, there are times when cryptocurrencies also follow world events. The news of a new COVID-19 variant has shaken the world with yet another uncertainty, leading to a murmur about our global road to recovery. And there is uncertainty, leading to a major fall for cryptocurrencies large and small and declining stocks and bonds across all nations.”

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