Crypto Market rebounds after weeks of falling prices, reason- Omicron

crypto market

Bitcoin and other cryptocurrencies seemed to rebound after continuing to fall for the past few weeks. Last week, Bitcoin had dropped to as low as $53,000, but it went past the $57,000 mark on Monday again, up by around 5% in the last 24 hours. This also cleared the previous week’s losses and increased by 0.13% over the last seven days.   

The other cryptocurrencies also surged around 10% as the week unfolded. Ethereum (ETH) also had fallen significantly, but current trends at $4,332.27 up by 6.02% in the last 24-hrs while being up 3.99% in the last seven days.   

The reason behind the crypto market rebound  

A big reason behind the crypto market rebound is the fall of the currencies to the lowest in months- The Omicron variant of the Covid-19 virus. The virus, which has more spike mutations, created much fear, and the afraid investors went forward with a sell-off.   

Most of the countries in the world imposed travel bans and increased the measures taken to tackle the spread of the new Omicron variant.   

The virus mutant is not causing much harm, as the news reports. However, now the variant is being reported to be milder and potentially weaker than the delta variant. Thus, giving a boost to the market that had been suffering for the last month.  

The entire crypto market went up and seemed to be recovering from the losses. The dog-face tokens also surged, with Doge going up by 5% in the last 1 hour. I Bitcoin had fallen more it would have entered the bear market. Bitcoin is priced at $57,159.02, with a rise of 0.23% in the last 1 hour.  

Earlier, on Sunday, AMC Theatres which had accepted some cryptocurrencies for payment also announced a new Spiderman NFT partnered with Sony Pictures.

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