When the World Health Organization (WHO) named the latest variant of the coronavirus “Omicron,” things took an interesting turn. A little-known token called Omicron (OMIC) suddenly experienced a price spike.
Before the WHO announcement, the value of Omicron was just $65 and shot up to $675 by Sunday, but the price has since fallen to $308.
The price of BTC, on the other hand, has risen $3,000 since its low on November 26th – the day news of the Omicron virus hit the markets. At the time of publication, Bitcoin costs just over $57,000.
If you want to find more details about the Omicron token and why The price of Bitcoin made a comeback despite the news about the new Omicron variant, download fro free the Born2Invest mobile app. Our team of seasoned writers will bring you the most important market updates and business headlines from around the world so you can stay informed.
Statements from Biden and Powell provide relief
When the WHO stated that the highly mutated variant posed a very high global risk, many were alarmed. This was because it was feared that the variant could resist vaccination. Consequently, airlines imposed travel restrictions on South Africa, where the Omicron virus was first discovered.
However, investors remained calm and clung to hope while waiting for more information, allowing markets to recover. U.S. President Joe Biden and Fed Chairman Jerome Powell also expressed relief at the new development.
Biden urged Americans not to panic. The U.S. president said his administration is working with pharmaceutical companies to create contingency plans in case new vaccines are needed.
“This is a cause for concern, not a cause for panic,” Biden said at the White House after meeting with his COVID-19 team. “We will fight and defeat this new variant.”
Federal Reserve Chairman Jerome Powell said the new variant clouds the inflation outlook because prices could rise for longer than previously thought.
Powell’s statement to the U.S. Senate went on to say that the rise in COVID-19 cases and the emergence of the new variant “pose downside risks to employment and economic activity and heightened uncertainty for inflation.”
Omicron tokens and other meme coins
It is not known when the Omicron token was developed, but the impact cannot be ignored.
According to Reuters, the price of the previously unknown digital token, whose Twitter feed has just over 1,000 followers, increased nearly tenfold from Friday to Monday morning. The price reached $688 before plummeting by as much as 75%.
As Emily Stewart, author at Vox wrote, “we are in the age of investing in memes.” Shiba Inu and Dogecoin have gone from meme coins to major cryptocurrencies. Could the same be true for the Omicron token?
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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