Bitcoin Daily: CoinDCX Plans to Go Public; Russia Reports $5B in Crypto Transactions Per Year; Bitcoin Recovers Due to Positive Omicron Variant News

CoinDCX, the first Indian cryptocurrency unicorn, will be pursuing an initial public offering (IPO) when allowed to by government regulators, Bloomberg reported.

Co-Founder Neeraj Khandelwal said the share sale could be a key point for the company, giving legitimacy to the industry in the same way that the Coinbase IPO did earlier this year, according to the report.

“Similarly, we want to instill a similar level of confidence with an IPO of CoinDCX,” he said, per the report.

In other news, the Bank of Russia reported that there’s 350 billion Russian rubles (about $5 billion) of crypto changing hands over the course of a year, according to the bank’s Financial Stability Report.

“According to various estimates, Russian investors are among the most active participants in cryptocurrencies market,” a report summary stated.

The crypto-related risks to Russian financial stability are low as the country is still mostly isolated in terms of the mainstream financial system, according to the summary. But the risks could grow with the increase in popularity of digital currencies.

Lastly, after setbacks, bitcoin is regaining some momentum due to the new omicron variant of COVID-19, CoinDesk reported.

The value of the biggest cryptocurrency was sitting at around $57,300 as of Monday (Nov. 29), an increase of 7.3% from the previous low of $53,359 late Sunday (Nov. 28).

That follows the events of Friday (Nov. 26), in which bitcoin and risk assets were down because of the news that omicron could potentially evade vaccines, according to the report. In addition, the World Health Organization (WHO) wrote that Omicron is a “variant of concern.”

In addition, a speech by Federal Reserve Chairman Jerome Powell scheduled for Tuesday (Nov. 30) could promise unlimited support if the pandemic worsens again.

Bitcoin buyers were doing better Monday as reports surfaced that omicron variant patients in South Africa have experienced mild symptoms so far, the report stated.