News Roundup, Nov. 29: Bitcoin's Impressive Rally
Bitcoin

News Roundup, Nov. 29: Bitcoin's Impressive Rally

1mo ago

BTC shrugs off concerns about coronavirus — as a token that shares the same name as the Omicron strain surges by close to 1,000%.

News Roundup, Nov. 29: Bitcoin's Impressive Rally

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BTC shrugs off COVID concerns 🔥

Bitcoin has shrugged off concerns about a newly identified coronavirus variant — rallying from $53,800 to $58,000 in hours. The world's biggest cryptocurrency began ticking higher in the run-up to the weekly close, and CoinMarketCap data shows BTC ended the latest seven-day period at about $57,250. BTC's price remained above $57,000 for most of Monday morning — with European stock markets rebounding despite concerns over the Omicron variant. Here's what's going on.

Omicron token surges as variant named 👀

A DeFi token that shares the same name as the new Omicron coronavirus variant surged over the weekend. OMIC had launched at the beginning of November — and for most of the past week, was trading steady at about $65. But over the weekend, the token surged to highs of $689… up close to 1,000%. That came after the World Health Organization officially named a new strain of COVID-19 discovered in southern Africa. What is OMIC — and is this surge suspicious?

El Salvador buys the dip once again 💰

El Salvador has bought the dip once again — purchasing 100 BTC to hold in reserve. The investment was announced by President Nayib Bukele on Friday. Bitcoin's price plunged sharply last week — hitting lows of $53,576.74 — amid concerns over the new coronavirus variant. As a result, the Central American country now holds 1,200 BTC. Bukele has also taken the opportunity to respond to criticism from Bank of England Governor Andrew Bailey. Find out what he said.

Teens trading crypto in British schools 😬

Children in British schools are trading cryptocurrencies — despite a teacher claiming the practice is illegal. According to The Mail on Sunday, "tech-savvy" pupils have been inspired to take the plunge after seeking influencers on YouTube and TikTok. Maths teacher Peter Jerrom claims he has caught 15 and 16-year-olds buying up to $650 on apps, while some 17-year-olds are trading anywhere between $6,500 and $13,300. What are the rules surrounding under-18s owning crypto?