Crypto Why Did Omicron Variant Had an Affect On Cryptocurrency Prices But Its Forerunner Did Not?

[Good-Guy]

Any kind of pandemic has a bad effect on the economy of the world and this is what happened during the Covid-19 pandemic last year. The stock market fluctuated so much that many companies and big businessmen went bankrupt and even many big super stores also filed for bankruptcy. many airlines also suffered due to a lack of traveling activities. However, one thing I have noticed is the fact that the Covid-19 pandemic never had any major effect on the cryptocurrency market last year. However, right now, the omicron is indeed having a huge impact on cryptocurrency market and causing major fluctuation in the cryptocurrency prices. I really want to know what is the main reason behind this? How come the Omicron is causing crypto price fluctuation, but its forerunner did not? What is the main cause?

 

[Victorial]

I heard the new variant is responsible for the crash of all crypto. I still do not fully understand the correlation. The pandemic has a direct effect on our economy as it stops all foreign and local trades, crumbling the market space. With crypto, it affects it but not directly. Seeing the way Bitcoin and other altcoins got reduced, seemed the reverse is the case. I just hope it will be dealt with soon.

 

[btaliat]

All pandemics are capable of having negative effects on crypto. In fact, covid did as well. Fortunately, during the pandemic and lockdown, bitcoins reached its ATH. This is because people were at home doing trading. Now the reason for the recent bearish caused by Omicron is that people are panic of lockdown hereby selling their coins before their governments declare lockdown. I am very sure of there is lockdown or relief on the issue of this new virus, there will be changes in cryptocurrency market.