A new COVID variant called Omicron has recently emerged. Stéphane Bancel, CEO of drugmaker Moderna, said current COVID vaccines are less protective against the Omicron variant. After this statement, Bitcoin decreased by 2.5 percent and saw below $ 56,000. Futures linked to the S&P 500 also fell 1.2 percent.

The Australian dollar-US dollar (AUD/USD) exchange rate hit a 12-month low of 0.7092. Yields on US 10-year Treasuries tumbled to Friday's low of 1.47 percent as government bonds pulled in safe-haven demand.

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In the past, Bitcoin had dropped by 9 percent to hit $53,600 after the World Health Organization (WHO) recognized Omicorn as a worry variable.

Since the expectation of crypto investors is that there will be a long-term price drop, investors are transferring their assets to exchanges.

According to data received by Glassnode, more than 24,950 BTC have been moved to centralized exchanges in the past four days, as evidenced by the total number of crypto assets held at exchange addresses.

Bitcoin Balance on Exhanges