Peak Irrationality in Crypto Markets

Omicron's Token Jumps 10-Fold After Namesake Covid Variant Emerges

The latest moves in crypto markets, in context Edited by Omkar Godbole November 29, 2021 Sponsored by     Bitcoin (BTC) +4.45%  $57,000 Ether (ETH)  +4.7%  $4,300 (Price data as of November 29 @ 12:15 UTC) If you were forwarded this newsletter and would like to receive it, sign up here.  Good morning, and welcome to First Mover. Here's what's happening this morning: Market Moves: Crypto Token Omicron Surges   Technician's Take: Bitcoin's Bull Continuation Pattern And check out the CoinDesk TV show "First Mover," hosted by Christine Lee, Emily Parker and Lawrence Lewitinn at 9:00 a.m. U.S. Eastern time.   – Omkar Biggest Movers These are the biggest movers in the CoinDesk 20 over the past 24 hours:   Top Gainers: Polygon (MATIC): +6% Algorand (ALGO): +4.85% Polkadot (DOT): +4.8% Top Losers:  Filecoin (FIL): -1.5% The Graph (GRT): -0.5% The CoinDesk 20 are 20 digital assets filtered from the larger universe of thousands of cryptocurrencies and constitute roughly 99% of the market by volume at eight of the largest and most trustworthy exchanges. A Message from Bybit It's always a good time to join Bybit's global community of traders, but there's simply no better time than right now! With Bybit Rewards Hub, you can earn up to $200 for completing simple tasks while making trades.   There are several rewards currently available, including 'A Big Deal'. If you are a new user, all you have to do is make a first time deposit of selected asset(s) to receive a $50 coupon*.   Plus, make it a win-win when you invite your friends to join Bybit! For every successful referral, both you and your friend will be entitled to a $20 bonus.   Kickstart your trading journey with Bybit and get rewarded for it. *Terms and conditions apply.   Sign up now!   Market Moves by Omkar Godbole Bitcoin has recovered to $57,000 tracking signs of risk reset in traditional markets.    Buyers made a comeback on early Monday as reports from South Africa stated that Omicron patients seen so far have had "extremely mild symptoms"   "Bitcoin is largely being grouped with other risk assets at the moment," Matthew Dibb, COO and co-founder of Stack Funds, said. "After Friday's collapse in equities, we have seen some buying in major coins, but it's too early to say whether it will continue."    On Friday, bitcoin and risk assets, in general, tanked after the news of a supposedly vaccine-resistant COVID variant coming out of South Africa raised the specter of economically painful lockdowns. The World Health Organization (WHO) deemed the Omicron variant, as a variant of concern.   However, a little-known cryptocurrency stayed resilient and chalked up a ten-fold rally over the weekend.   OMIC, the native coin of decentralized reserve currency protocol with the same name as the newly detected COVID variant Omicron, picked up a bid near $70 late Friday and rose as high as $711 on Sunday, according to data source crypto.com.   The token's surge perhaps represents peak irrationality – a case of cryptocurrency rallying just because its parent blockchain coincidentally shares the name with the new COVID variant. Also read: DeFi Protocol Omicron's Token Jumps 10-Fold After Namesake Covid Variant Emerges Technician's Take by Omkar Godbole Bitcoin's Bull Continuation Pattern  BTC's hourly chart (Source: TradingView) Bitcoin's recovery has taken the shape of a bull flag, a continuation pattern.  A breakout would expose the psychological resistance at $60,000. Also read: Bitcoin Tops $58K With Focus On Omicron and Fed's Powell Speech A Message from Amber Amber Group is an integrated digital asset platform serving retail and institutional clients by providing deep liquidity, attractive yields, and sophisticated portfolio management tools. With 12 offices on three continents, and nearly a trillion dollars in volume traded, Amber Group offers clients personalized, compliant, and secure service across dozens of digital assets.   Find out more at www.ambergroup.io   BOLO Be on the lookout for the following events today: 15:00 UTC (08:30 a.m. ET): U.S. Pending Home Sales (Oct) ICYMI In case you missed it, here are the most recent episodes of "First Mover" on CoinDesk TV:   Is El Salvador's Bitcoin City All a Fantasy? Ambassador of El Salvador to the US Explains Country's Bitcoin Ambitions   El Salvador is doubling down on its bitcoin adoption by planning to build a bitcoin city and issue a bitcoin bond. Will El Salvador succeed? "First Mover" hosts speak to Milena Mayorga, Ambassador of El Salvador to the United States. Plus, markets insights from Greg King, Osprey Funds Founder & CEO. His firm is planning to launch NFT funds by early next year.  A Message from CoinDesk Will bitcoin kill the U.S. dollar? Will money become tokenized? How do we use cash?   Since we don't have a crystal ball, we reached out to some of the brightest minds in crypto to share their predictions on "the future of money."   There's only one thread that cuts through all 20 predictions: Whatever the future of money holds, it won't be boring. Read more here. Latest Headlines DeFi Protocol Omicron's Token Jumps 10-Fold After Namesake Covid Variant Emerges OMIC's surge is perhaps an evidence of peak irrationality. India Has No Plans to Recognize Bitcoin As Currency; RBI Working On CBDC Rollout: Reports The Indian parliament kicked off its winter session on Monday, during which key crypto legislation will be discussed. El Salvador Buys 100 More Bitcoins as Crypto Market Falls El Salvador's President Nayib Bukele said in a tweet that he bought the coins at "a discount." Goldman Says Fed May Accelerate Tapering from January: Report The new projections mean the asset purchase program would end in March. Indian Crypto Unicorn CoinDCX Plans to IPO Once Regulations Permit: Report The Indian government has reportedly proposed a bill that will ban private crypto tokens. Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments.  First Mover A newsletter from CoinDesk Copyright © 2021 CoinDesk, All rights reserved.  250 Park Avenue South New York, NY 10003, USA Manage your newsletter subscriptions  |  Unsubscribe from all CoinDesk email