Bitcoin Sent Rallying as Omicron Fears Fade

Cryptocurrencies enjoyed a strong rally on Monday, following a week of havoc in markets after the World Health Organization revealed a new strain of Covid-19 is spreading around the world.

Bitcoin, the world’s largest cryptocurrency, was up by more 5% on Monday to around $58,000 at the time of writing, while ethereum, the second largest virtual currency, jumped by nearly 6% to above $4,200. Other major cryptocurrencies also pared back last week’s losses, with the Binance coin up by over 2.3%, and memecoins Shiba Inu and dogecoin also following upwards in sympathy.

The rally caused the total global cryptocurrency market cap to jump by nearly 6% to around $2.58 trillion; but as CoinDesk warns, virtual currencies are not out of the woods just yet, as investors await further details surrounding the potential economic impact of Omicron. Meanwhile, one of bitcoin’s largest investors, MicroStrategy, took advantage of last week’s crypto slump and purchased approximately 7,002 bitcoins totalling a cash transaction of about $414.3 million between October 1 and November 29.

Information for this briefing was found via Edgar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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