Cryptocurrency known as ‘Omicron’ booms greater than 900 consistent with cent on COVID-19 variant

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As international markets fell remaining week on information of the brand new Omicron coronavirus variant, one cryptocurrency with the similar identify soared after the Greek letter entered the investor lexicon.

The cost of the hitherto-obscure virtual token, whose Twitter feed has little greater than 1000 fans, rose nearly ten-fold from Friday to Monday morning when it hit US$688, prior to tumbling up to 75 consistent with cent, crypto tracker CoinGecko stated.

Omicron the token, which its website online describes as “a decentralised treasury-backed foreign money protocol,” used to be buying and selling at about US$371 at 9.35am ET.

An vague virtual token that occurs to percentage the similar identify as the latest COVID-19 variant has boomed in a single day. (CoinGecko)

On Thursday it used to be value about US$65 – some 958 consistent with cent less than its US$688 prime.

The Global Well being Organisation, which on Friday named the brand new COVID-19 variant Omicron, stated as extra international locations reported circumstances there’s a “very prime” international chance of surges, despite the fact that scientists have stated it would take weeks to know its severity.

Bitcoin suffered its worst day in two months on Friday, losing through greater than 8 consistent with cent as traders dumped shares and different riskier belongings in favour of perceived secure havens just like the buck.

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On Thursday Omicron used to be value about $US 65 – some 958 consistent with cent less than its $US 688 prime. (Provided)

It has since recovered the majority of its losses, with international markets gaining a semblance of calm on Monday.

From “squid recreation” to dogecoin, minor cryptocurrencies have this yr benefited from hyperlinks to memes or web tradition, recording speedy booms and busts whilst extra mainstream names corresponding to bitcoin bounce in reputation.

It is not transparent when the Omicron token used to be introduced.

Knowledge on its worth at CoinGecko used to be best to be had from November 8, whilst a Telegram channel underneath the identify OmicDAO used to be introduced an afternoon previous.

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