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omicron virus: Bitcoin, Ether lead recovery in cryptocurrencies prices

. Bitcoin crossed $57,500 price level today while Ethereum edged up close to $4,350. Market capitalization of Bitcoin has improved to $1.089 trillion while Ether market cap expanded to $516.95 billion.

Montreal, Canada - 28 February 2018: Stacked cryptocurrency coins (Bitcoin, Ethereum, Litecoins)

ISLAMABAD: Bitcoin and Ethereum led the cryptocurrencies recovery on Monday after facing a short blow from the panic triggered by the Omicron virus that has been detected in nearly a dozen countries.

Value and Bitcoin and Ethereum has increased by 5.32 percent and 6.60 percent in the last 24 hours. Bitcoin crossed $57,500 price level today while Ethereum edged up close to $4,350. Market capitalization of Bitcoin has improved to $1.089 trillion while Ether market cap expanded to $516.95 billion.

On Friday, Bitcoin, Ethereum, and other cryptocurrencies suffered a blow in the wake of global air travel ban on South Africa and its neighbouring countries after deadly new Covid virus Omicron panicked the world. The value of Bitcoin fell below $55k level while Ether dropped close to $4k and same was the case with other cryptocurrencies as investors showed panic and markets turned volatile.

On Thursday crude oil faced the biggest-ever single day decline, to $70/barrel from previous $80 per barrel value when Omicron news unnerved investors and other stakeholders globally.

Stock markets and cryptocurrencies also experienced a selling pressure, but on Monday (Nov 29), a reasonable recovery was seen in Asian stock markets and value of cryptocurrencies.

Analysts believe that uncertainties about Omicron will be clear in this week which will enable investors to take new positions.

Javed Mahmood
Written By

I am an experienced writer, analyst, and author. My exposure in English journalism spans more than 28 years. In the past, I have been working with daily The Muslim (Lahore Bureau), daily Business Recorder (Lahore/Islamabad Bureaus), Daily Times, Islamabad, daily The Nation (Lahore and Karachi). With daily The Nation, I have served as Resident Editor, Karachi. Since 2009, I have been working as a Freelance Writer/Editor for American organizations.

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