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Omicron cryptocurrency soars after new COVID-19 variant was similarly named
News of the new Omicron coronavirus variant caused one cryptocurrency with the same name to soar, rising almost ten-fold from Friday to Monday morning to reach $688.
On Thursday, it was worth about $65.
It eventually tumbled by as much as 75 percent.
The hitherto-obscure digital token had a little more than 1,000 Twitter
Omicron's price only became available at CoinGecko from Nov. 8, while a Telegram account under the name OmicDAO was opened a day before.
On Friday, the World Health Organization named the new COVID-19 variant Omicron, which was said to have a "very high" global risk of surges.
Meanwhile, Bitcoin suffered its worst day in two months on Friday, dropping by over eight percent as investors dumped perceived riskier assets in favor of safer havens like the dollar.
Bitcoin has since recovered nearly all of its losses.