Global markets tumbled last week as news of the new Omicron variant spread around the world. Nevertheless, cryptocurrencies began to regain some composure this year. The demand and price of cryptocurrencies in the immediate term remain tied to the newly detected Covid variant and its potential to impact on the Federal Reserve’s monetary policy. According to The World Health Organization, as more countries report cases, there is a “very high” global risk of surges, although scientists have said it could take weeks to understand its severity. Bitcoin, the top cryptocurrency by market value, was trading near USD 58,100 on Monday, representing an 8% gain compared to the low of USD 53,359 late on Sunday. ISW Holdings Inc. , BIT Mining Limited , Canaan Inc. Marathon Digital Holdings, Inc. , Coinbase Global, Inc.
Overall, cryptocurrencies continue to show strength, expanding their influence and presence across many industries. For example, earlier in October, the NBA agreed to its first cryptocurrency sponsorship deal with Coinbase, the publicly traded company that makes an exchange for crypto trading. According to a report by CNBC, the agreement indicates that Coinbase will leverage just about all the NBA’s platforms including the WNBA, NBA G League, NBA 2K League and USA Basketball. The deal between the NBA and Coinbase comes shortly after the league commissioner Adam Silver explained that the league is projecting USD 10 Billion in revenue for the 2021-22 season, a figure that is possible thanks to fans returning to NBA arenas, which account for 40% of league revenue. In the meantime, sponsorships accounted for about USD 1.4 Billion last season, according to valuation firm IEG.