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Omicron forces cryptocurrencies to decline


The new Coronavirus Omicron mutant forced cryptocurrencies to decline Thursday morning.

The drop in cryptocurrencies came in light of the great concern of investors about the Omicron outbreak.

The arrival of the new strain to the US was confirmed, at a time when the President of the Federal Reserve of the United States, Jerome Powell, made statements about the rise in inflation.

The US Centers for Disease Control and Prevention said yesterday evening that the country had discovered the first Omicron infection in a patient coming from South Africa.

Earlier in the day, Powell said policy makers need to be prepared for the possibility that inflation does not subside during the second half of next year, as expected.

Polkadot, Chainlink, Ethereum, and Dogecoin led the cryptocurrency’s decline, dropping by large percentages ranging from 3 to 4%.

By 6:12 GMT, the market capitalization of cryptocurrencies had reached $2.60 trillion.

There are 8,666 digital currencies in the world.

Global markets and the cryptocurrency market were subjected to a violent jolt after the sudden statement by Powell that inflation is no longer temporary.

Those comments in which the Fed chief hinted that it was time to discuss a faster change in monetary policy threw all asset prices into the hands of the dollar strengthening against everyone else.

Cryptocurrencies prices

The price of the digital currency Bitcoin BTC decreased by 0.23% to reach $56,811.7, Ethereum ETH decreased by 3.87% to $4,519.94,  Binance coin BNB decreased by 1.73% to reach $619.41,  Cardano ADA coin also fell by 1.51%, to record $1.5415, Ripple XRP fell 3.16% to $0.96912, Polkadot DOT coin decreased by 5.22% to $35,590, DOGE coin (Dogecoin) decreased by 3.70% to reach $0.205713, Litecoin (LTC) currency decreased by 2.81% to reach $203,800, and Chainlink LINK coin fell 4.07% to $24.73.


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