Omicron Crypto surges as COVID-19’s new variant appears

The news of the COVID-19 variant has affected the world market, including cryptocurrency. The recently surged Omicron coin remains resilient.

After WHO named the new coronavirus variant first discovered in South Africa and Botswana, “Omicron,” an obscure cryptocurrency with the same name, soared.

Cryptocurrency experts say that the currency has soared due to the similarity to the new variant of the coronavirus.

OMIC is the native token of the decentralized reserve currency protocol. It had a bid of nearly $70 early on Friday and rose to $711 on Sunday.

This rise is an example of “irrational peaks,” as cryptocurrencies have risen due to their similar names to COVID-19 variants.

According to analysts, OMIC is far from a “safe haven asset.” Experts indicate that the OMIC token is on the Ethereum expansion technology Arbitrum.

The Omicron token traded at approximately US$371 at 9:35 a.m. Eastern Time, while on Thursday, it was worth about $65.

From “Squid Game” to Dogecoin, small cryptocurrencies have benefited from links with memes or Internet culture this year. They have recorded rapid booms and depressions. At the same time, more mainstream names such as Bitcoin have maintained popularity.

It is unclear since when is Omicron token was launched. CoinGecko’s price data is only available from November 8th, while the Telegram channel called OmicDAO was launched one day ago.

South Korea delayed plans of crypto capital taxation to 2023

South Korea has been planning to tax crypto capitals from next year. However, on Tuesday, the Ministry of Finance said that the National Assembly passed a bill to postpone this plan. Thus, the taxation of capital gains on cryptocurrency transactions will be active from 2023.

Once the bill is approved in the plenary session, the country will begin to impose a 20% capital gains tax on annual cryptocurrency transaction earnings of more than 2.5 million from January 2023.

South Korea had earlier stated that it would start taxing the capital gains of cryptocurrencies in January next year.

Hong said that cryptocurrencies are “intangible assets” and added that labeling them as currencies is a “misunderstanding.”

The person in charge of finance also warned that digital token transactions are prone to new forms of illegal fund-raising and fraud. Thus, the plan aims for the investors to remain vigilant when making investment decisions.

The National Assembly plans to hold the plenary session on December 2.

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