'Omicron' the cryptocurrency rides new variant rollercoaster

FILE PHOTO: Syringes with needles are seen in front of a displayed stock graph and words "Omicron SARS-CoV-2" in this illustration taken, November 27, 2021. REUTERS/Dado Ruvic/Illustration/File Photo

LONDON (Reuters) - As global markets fell last week on news of the new Omicron coronavirus variant, one cryptocurrency with the same name soared after the Greek letter entered the investor lexicon.

The price of the hitherto-obscure digital token, whose Twitter feed has little more than 1,000 followers, rose almost ten-fold from Friday to Monday morning when it hit $688, before tumbling as much as 75%, crypto tracker CoinGecko said.