Bitcoin, Ethereum Recover Amid New Reports of COVID-19 Variant Being ‘Mild’

Following news that the newly-discovered Covid-19 variant might be ‘mild’, Bitcoin alongside Ethereum, and the U.S. stock have picked up from their recent heavy losses on November 26.

According to data from Coinmarketcap, Bitcoin (BTC) and Ethereum (ETH) are up 4.84% and 5.21%, respectively, as the global crypto market capitalization is up 4.01% in the past 24 hours at press time, bringing its total to $2.56 trillion.

Bitcoin and Others Experience Monday Morning Surge

When news of a new variant of Covid-19 broke on Friday, nearly all markets crashed, with Bitcoin and Ethereum falling by 6.5% and 8.1% respectively. However, Monday has seen most of these cryptos rebounding, especially after seeing more reports surface about the new Covid-19 variant called Omicron.

Meanwhile, the high fliers for the day include Stacks STX and Kucoin’s Token (KCS) which are up 18.90% and 11.75% respectively within the past 24 hours.

Recall that the World Health Organization WHO had said it will take it between days and up to several weeks to come out with detailed reports regarding this new COVID strain.

However, a new revelation by South African medical experts on Sunday reporting that symptoms have so far been “extremely mild,” has somehow settled the already spooked markets, bringing about today’s surge in the financial markets.

Will There Be A Full Market Recovery?

There appears to be a calm in the markets at this moment, partly because of the ongoing surge. In fact, leading cryptocurrencies (Bitcoin and Ethereum particularly), and the stock market have already rebounded, making back some of last week’s heavy losses.

But still, there remains an air of skepticism around the new variant which might be a major determinant of the markets’ full recovery, as WHO is still in the process of gathering more information.

In all honesty, and despite things looking bright yet again, all it takes is one major negative headline about the much anticipated verdict from WHO and all markets could come crashing down again.