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Omicron infects cryptocurrency market; Ethereum, Dogecoin, Bitcoin take a hit

The cryptocurrency market is witnessing a decline after the first case of Omicron variant of Coronavirus was confirmed in the American state in California.

Omicron infects cryptocurrency market; Ethereum, Dogecoin, Bitcoin take a hit
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New Delhi, First Published Dec 2, 2021, 10:22 AM IST
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The cryptocurrency market is witnessing a decline after the first case of the Omicron variant of Coronavirus was confirmed in the American state in California. The world's largest cryptocurrencies are showing a downward trend. In the last few days, the price of Ethereum has fallen by more than 5 per cent. At the same time, Shiba Inu also saw a decline of more than 10 per cent. 

Meanwhile, there is a decline of about 2 per cent in the price of Bitcoin. Till the last update, Bitcoin was trading at $55,944. In the last 24 hours, the price of bitcoin has shed over $4000 in value after having crossed the $59,000 mark. In the last week, bitcoin has given a negative return of 2 per cent. Over a period of a month, there has been a decline of about 9 per cent.

Ethereum has witnessed a fall of 5 per cent. Ethereum is currently trading below $4500. A day earlier, Ethereum was just $100 behind its all-time high. Now this difference has become from $300 to $400. By the way, Ethereum has given returns of about 4 per cent in the last one week and 3 per cent in a month.

The value of Shiba Inu and Dogecoin is also seeing a big decline. Shiba Inu is currently trading with a drop of 10 per cent at $ 0.000042. On the other hand, the price of Dogecoin is down by 5.21 per cent and is trading at $ 0.204478. If experts are to be believed, due to the emergence of the Omicron variant, there may be a further decline in these cryptocurrencies.

According to CoinGecko, global cryptocurrency market capitalisation has tripped marginally to $2.76 trillion. While other cryptocurrencies like Litecoin, Uniswap, XRP and Polkadot saw their fortunes dip, the likes of Solana, Polygon, Terra were seen to be making gains in the last 24 hours.

Meanwhile, media reports said that top executives of eight major cryptocurrency firms will be testifying before the US House Financial Services Committee within a week from today. This would be the first time the cryptocurrency players will be presenting their views amid global concerns and apprehensions with regard to digital currency.

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