Bitcoin and other cryptocurrencies surged Monday after a sharp sell-off at the end of last week.

The price of bitcoin climbed back above $58,000, rising 8.6% in 24 hours to $58,607.75, according to Coin Metrics data.

Other digital assets also rose, with ether jumping more than 9% to $$4,440.99 and XRP up 9% at around 99 cents.

Vijay Ayyar, head of Asia Pacific at cryptocurrency exchange Luno, said early reports that the new, heavily-mutated omicron Covid variant came with milder symptoms was giving the market a boost.

“We’re seeing news of the variant being potentially weaker in terms of symptoms in early analysis, which has bolstered the market comeback,” Ayyar said via email. “Hence, smart investors have probably bought this dip.”

Bitcoin last week sank as low as $53,549, its lowest level since early October, amid a broader sell-off in stocks and other riskier assets on the back of fears over the new coronavirus variant.

The world’s largest digital currency was briefly down more than 20% from its recent all-time high of nearly $69,000, officially entering bear market territory. Bear markets are typically defined by a decline of 20% of more from recent highs.

The new Covid variant, first identified in South Africa, has spread to multiple countries including the U.K., Germany and Italy.

The US, UK and other nations have restricted travel with some African countries in response. Britain has also introduced new measures to tackle the new virus mutation, including mandatory mask wearing in shops and public transport in England.

On Sunday, Dr. Angelique Coetzee, the South African doctor who first spotted the omicron variant, described its symptoms as “extremely mild,” soothing fears of a potential return of lockdown restrictions during the holidays.

“The global environment did add to the uncertainty across all risk asset classes as we saw last week, but the bounce back always shows us how strong the uptrend is, which is what we’re seeing here,” Ayyar said.

If bitcoin loses $48,000 to $50,000 on a daily or weekly basis, “that would definitely imply bearishness,” he added. But for now, Ayyar says “we’re still in bull market territory.”

SOURCE: CNBC

Islamabad: Welcoming  Saudi Arabia's move to request an extraordinary session of the Organisation of Islamic Cooperation's (OIC) Council of Foreign Ministers to discuss the situation in Afghanistan, Foreign Minister Shah Mahmood Qureshi welcomed on Monday announced that Pakistan had offered to host the meeting in Islamabad on December 17.

According to a statement issued by the Foreign Office (FO), Qureshi said Pakistan "fully endorses" the initiative taken by Saudi Arabia and expressed confidence that other OIC members would also back the proposal.

Saudi Arabia, which is the chair of the OIC summit, made the call for the extraordinary session the same day, according to state-run Saudi Press Agency.

The agency reported that the meeting had been called to discuss the situation in Afghanistan and "pathways for an urgent humanitarian response", acknowledging Pakistan's offer to host the summit.

Since the Taliban took over Afghanistan on August 15, the country — already struggling with drought and severe poverty after decades of war — has seen its economy all but collapse, raising the spectre of an exodus of refugees.

According to the FO's statement, Qureshi, too, highlighted the need for providing humanitarian assistance to the people of Afghanistan in these difficult times.

"Afghanistan is a founding member of the OIC. As part of the Islamic Ummah, we are bound by fraternal bonds of amity and brotherhood with the people of Afghanistan," he said, stressing that "today, our Afghan brothers and sisters need us more than ever before."

Describing the situation in the warn-torn country, he said Afghanistan currently "faces a serious humanitarian situation — millions of Afghans, including women and children, confront an uncertain future due to [the] shortage of food, medicines, and other essential life supplies".

And the advent of winter had exacerbated this humanitarian crisis, the foreign minister added.​He emphasised the need for the OIC to "step in to help our Afghan brethren".

"We should step up our collective efforts to alleviate the humanitarian needs of the Afghan people, provide immediate and sustained support to them, and continue to remain engaged with them for the wellbeing and prosperity of Afghanistan."

According to the FO, the first extraordinary session of the OIC Council of Foreign Ministers was held in Islamabad in January 1980, also on the then situation in Afghanistan.

"Next month, we would, once again, gather in Islamabad, to reaffirm our abiding solidarity with and support to the Afghan people," it quoted Qureshi as saying.

The foreign minister added that he was confident about the meeting considering "concrete steps to help address the humanitarian and economic challenges facing Afghanistan," and that he looked forward to welcoming his fellow foreign ministers from OIC member states to Islamabad.

Islamabad: The federal cabinet will meet today in Islamabad to discuss economic and political situation including current status of Covid-19 in the country.

According to details, Prime Minister Imran Khan will preside over the federal cabinet meeting at his office which is scheduled to discuss a 13-point agenda.

A detailed briefing on economic indicators will be given in the Cabinet meeting. The meeting will also be briefed on the vacancies of CEOs and MDs in various ministries and divisions while the cabinet will approve relaxation in the National Aviation Policy 2019 Act.

The cabinet meeting will also consider Roll 68 of Civil Aviation of the flight altitude of aircraft. The cabinet will also approve vehicle import scheme for officials of Pakistani embassy in Iran.