A comparatively unclear cryptocurrency called Omicron (OMIC) has flooded to an all-time high today. This token is named after the fast-spreading COVID-19 variant. Additionally, the Omricorn token hit an all-time high of $689 a couple of hours ago. Moreover, this move had added another 200% gains on the day for the token and a whopping 945% since Saturday when it was trading around $65 (at the time of writing).

This token shares the identity with a new Covid-19 variant. This variant was first found in South Africa on Nov. 23. The WHO called the fast-spreading B.1.1.529 strain after the 15th letter of the Greek alphabet.

Also, the famous crypto critic “Mr. Whale” said that the hefty price spike was a sign that things were in a huge bubble.

Omicron is a localized reserve currency decorum that functions on the Ethereum layer two network Arbitrum. This indigenous OMIC token is supported by other crypto assets. This also includes the liquidity provider tokens and USDC stablecoin.

This token can only be traded on the SushiSwap localized exchange, which has seen $454,000 in volume for the OMIC/USDC pair over the past 24 hours (at the time of writing). Further, token analytics has no details on the supply of OMIC. 

Though Things are brighter as the new week starts with the crypto markets back in the green at the time of writing. 

The post Omicron Token Points 900% After New Variant Emerges appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.

If the customer fails to provide the requested information within 30 days, the bank will restrict transactions, the source says, quoting an email to customers from HDFC Bank. This action by the banks takes place amidst the Indian government deciding on a possible law that would ban all private cryptocurrencies, according to the source.

In another article, The Economic Times suggests that cryptocurrency holders started liquidating their assets amidst concerns about the possible ban. According to the source, quoting the CEO of an online banking platform for crypto, Cashaa, Kumar Gaurav, users moved over $2 billion from their addresses. However, besides the concern about the ban, now those who sold their crypto assets face paying income taxes, which, the source suggests, could be as high as 42%.

The post Indian banks ask for information about clients’ crypto holdings appeared first on Crypto Market Insights: Dive In with CryptoUpdate.io.