There is a virtual currency called the "Bitcoin."
The person is Francesco Carta.
Cryptocurrencies rebounded on Monday, bouncing back from the steep sell-off last week, when the "Omicron" variant of COVID-19 emerged. The token with the same name surged in value.
In 24 hours, it rose 4.8% to stand at $57,136.17. At one point on Friday, the price fell by as much as 8%. The price of ether rose 5% in 24 hours to stand at $4,313.26, recovering from Friday's 11% drop.
The Omicron variant was first detected in South Africa. The UK and Israel have restricted certain travel in the wake of cases that have begun to emerge outside the region. The news of the variant on Friday hit risk assets as investors rushed for the safety of gold.
Concerns were raised last week about the Omicron variant being more transmissible. The doctor from South Africa who first spotted the new variant of the disease told the BBC that patients who caught it had mild symptoms, but more time would need to be given to understand how the disease will affect vulnerable people.
By Monday, investors were no longer concerned about the threat omicron posed to the economy and were instead focused on cryptocurrencies and stocks.
Adrian Pollard, Chief Product Officer to HollaEx, told Insider that like gold,Bitcoin is being used as a hedge against global uncertainty.
On the day and week, the little-known omicron reserve currency surged by almost 70% and 900%, respectively, as trader focus on the new COVID-19 intensified. The token is backed by a basket of assets that includes stablecoinUSDC, according to the developers' website.
Freddie Evans, Sales Trader at UK based digital asset broker Global Block told Insider that Omicron is not a good buying option for long term investors.
He said that the coin is at risk of a rug pull like the Squid Game coin did last month.
The developers abandon the project and take the money. The Squid Game token ran away with an estimated $3.38 million after being pumped up.
We have a list of criteria that we check against for all cryptocurrencies. We don't publish the exact criteria because it will be gamed. Omicron is listed because it passes the criteria, according to Bobby Ong.
The omic token existed before the emergence of the omicron variant, according to its website. Since November 11, it has been tracked by CoinGecko. The coin has a number of accounts. There is little else known about it.
"Another risk is associated with the fact that such coins are traded on dz exchanges, where no one checks the origin of their coins, which means that they can disappear as quickly as they appear," Wang said.
Solana's sol rose by 7.6%, while cardano's ada rose by 3.5%. The sand of the Metaverse increased 8% Monday.
Business Insider has an original article.
