Bitcoin and other cryptocurrencies are recovering on Monday, following last Friday’s strong sell-off.
In particular, Bitcoin, according to investing.com, rose 3.99% to $ 57,108. At the same time, Ethereum gained 5.72% to $ 4,314.5 and Binance Coin strengthened by 1.85% to $ 610.51.
Vijay Ayyar, head of Asia-Pacific at the Luno cryptocurrency exchange, said the first reports that a new variant of the coronavirus called Omicron had milder symptoms were boosting the market.
Bitcoin fell to $ 53,549 last week, its lowest level since early October, amid wider sell-offs in the market over fears of a new Omicron variant.
The world’s largest cryptocurrency had fallen just over 20% from its recent record of $ 69,000, officially entering the bear market.
The new variant, first identified in South Africa, has spread to many countries, including the United Kingdom, Germany and Italy.
The United States, the United Kingdom and other countries have restricted travel to and from some African countries in order to limit the transmission of Omicron. Britain, meanwhile, has announced new measures to tackle the new variant, including the mandatory use of masks in shops and public transport.
On Sunday, Dr. Angelique Coetzee, the South African doctor who first identified the Omicron variant, described her symptoms as “extremely mild,” reassuring fears of a possible return of lockdown measures during the holidays.
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