Omega hits the cryptocurrency market, losing control of Bitcoin

Traders need safe haven when mutant virus hits global financial markets Bitcoin has no safe haven today.

The new Ebola virus, first reported in South Africa, has been studied in Europe and the Middle East.

The Netherlands is investigating more than 60 new cases of COVID-19, while Israel has reported three cases of the Omicron virus in people who have not traveled.

Governments around the world have tightened travel restrictions on South Africa.

The US government has revised travel guidelines for the warning, and the UK has added four countries to its "red list". South Africa is expected to announce measures behind closed doors to strengthen the response.

The world's largest cryptocurrency fell nearly 10% to $ 54.3K on Friday afternoon amid turmoil in global markets caused by the potential COVID19 risk.

Despite its history of controversy and speculation, supporters of Bitcoin cannot claim that the token can be used as a tool to hedge trading risks.

Since the start of this year, the relationship between representative cryptocurrencies and risky assets such as commodities has grown.

In other words, if the stock price goes down, it looks like Bitcoin will go down, reducing its role as a hedge against the stock exchanges.

Bitcoin enthusiasts say a limit of 21 million tokens could fight inflation.

If this were any explanation, the world's favorite cryptocurrency might make sense, as news about COVID-19 may raise more concerns about the global market. .

According to industry analysts, the recent rise in Bitcoin could explain half of the financial worries and half of the prosperity and strength of the economy.

However, given recent market indicators, it is still not possible to determine how Bitcoin and other crypto assets will fit into the investment.

The handling of concerns and dissatisfaction over futures contracts linked to US stock exchanges on Bitcoin futures is also affecting Bitcoin, hitting an all-time high of $ 69,000 earlier in the month. .