Bitcoin (BTC) Surges Above $58K due To Omicron & FED Decisions

Crypto Market Trend on Social Media Surges Almost 400% This Year
  • BTC spikes up above $58K.
  • BTC spikes up after the official news of Omicron spreads.
  • The FED’s decisions for the year’s Covid support also expected to play a role in BTC price surge.

After witnessing all sorts of ATHs in recent times, Bitcoin (BTC) kind of slowed down below the $60K range previously. However, at present the price of BTC ranges between $57K to $58K. 

For a certain period remaining in the $56K range, the price of BTC suddenly shot up to $58K on Friday. Moreover, the price surge occurred at the same time the news of the new variant of coronavirus, the Omicron, started spreading like a wildfire throughout South Africa. 

In addition, the World Health Organization (WHO) has declared that the new variant of coronavirus, the omicron, is of a serious concern, under the red tags. 

Omicron’s Effect on BTC Price

It’s well noted that on Sunday the price of BTC hit to a low of $53K. However, with the news of the spread of omicron, BTC started to surge up efficasely. 

Accordingly, now the price of BTC stands at $57,064.00 at the time of writing. How the market performs is quite skeptical. 

This is to be concerned that since Omicron, the complete stock market has been down evidently. Also, the trading averages started to decrease too. 

In addition, assets like crude oil and their stocks dropped down too. However, the same was followed upon the crypto industry too, specifically the BTC. But the effect was short lived. 

Besides, since Sunday, BTC started to spike up. It terms that there is quite a link between the omicron spread and BTC, as it seems people are willing to drop over upon BTC and invest profusely. 

The FED’s Play 

Furthermore, the decisions made for this new strain of coronavirus mitigation by the Federal Reserve’s (FED)  tends to play a certain role in the price of BTC too. The FED’s chairman, Jerome Powell is said to give out the decisions regarding the support for Omicron officially soon. 

In such terms, if Powell states that the support for omicron will be unlimited and completely taken up, then there are high possibilities for greater investments upon BTC. 

A Project Engineer by profession, a writer by passion. Especially into the critics and skeptics on cryptocurrency. His fascination towards the crypto world and his personal experience on it has made him a writer with a taste.