BTC Makes Recovery, Binance Reopens Dogecoin Trading

Highlights

  • Bitcoin had sunk to as low as US$54,000 yesterday, after sitting at a tad under US$60,000 just three days before
  • Obscure crypto Omicron jumped to nearly US$700 early on Monday, about 10 times its previous value
  • Binance has announced that dogecoin withdrawals are fully open

Bitcoin Stages Comeback

After a tough two weeks for the world’s largest cryptocurrency, Bitcoin is staging a comeback along with other assets on Monday, bouncing back from its Black-Friday lows.

Bitcoin had sunk to as low as US$54,000 yesterday, after sitting at a tad under US$60,000 just three days before.

However, the number one crypto made a comeback overnight, climbing to around US$59,000 before correcting to US$57,178.93 where it’s currently valued.

Bitcoin Stages Comeback

 

Bitcoin’s rally was accompanied by a rally of altcoins, including Polkadot and Dogecoin, which saw gains.

The latest rally comes days after a brutal sell off on Friday likely caused by the news of omicron - a new coronavirus variant - emerging from South Africa.

Omicron Crypto Falls

In true crypto style, an altcoin by the name of Omicron soared in the market, jumping 10 times in value, after the World health organisation named the latest Covid variant as Omicron.

The obscure coin had been relatively stable in recent weeks but on Monday, the little-known token jumped to nearly US$700 early on Monday, about 10 times its previous value, according to CoinMarketCap.

However, after a two-day surge, Omicron fell to US$152.

The cryptocurrency, Omicron, was created in early November, with its founders making no reference to Covid-19 at the launch.

Instead, the creators expressed hope that it could hold purchasing power independent of the market’s volatility.

Dogecoin Withdrawals Open

One of the largest crypto exchanges, Binance, has announced that Dogecoin withdrawals are fully open.

Prior to this, users of the Binance Exchange were unable to withdraw DOGE for 17 days.

Last week, Tesla and SpaceX CEO, Elon Musk, called the situation “shady”, accusing Binance of not being transparent with their DOGE customers.

On November 11, Binance had announced a suspension of Doge for 10 to 14 days.

At the time, Binance blamed the unforeseen issue on a combination of unlikely factors.

On Saturday, the Binance team said that they resumed Doge withdrawals and tested everything "silently" to make ensure there would be no further problems.

Winners and Losers

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Source: Coinmarketcap.com, based on top 100 cryptos.

Image Source @ 2021 Kalkine Media

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