Medha and Lisa Pauline Mattackal

(Reuters] – Cryptocurrencies are surviving one of most severe market shocks since before the outbreak. El Salvador is a noteworthy dip buyer. Investors decided not to join Adidas (OTC).’ excitement at a new venture in the buzzy metaverse.

El Salvador’s plans to build the world’s first ” City” https://www.reuters.com/markets/rates-bonds/el-salvador-plans-first-bitcoin-city-backed-by-bitcoin-bonds-2021-11-21 and Adidas’s entry were the bright spots for digital assets in a week that saw major cryptocurrencies clobbered by fears over the new coronavirus variant Omicron.

Bitcoin fell 0.5% Monday. It has also lost approximately 17% from its record $69,000 in the past nine days. However, rival currencies ether and tokens that are linked to the metaverse as well as decentralized financial applications fared much better.

Adidas’s move made waves after the German sportswear retailer said it was partnering with Coinbase (NASDAQ:) Global Inc in a tweet https://twitter.com/adidasoriginals/status/1463571957249630223, although Adidas shares did not join that celebration.

The company also bought https://twitter.com/adidasoriginals/status/1462873002350202882 a piece of virtual land called “adiVerse” in the blockchain-based world The Sandbox, with the German company hinting it would build that out to offer virtual reality products, and comes at a time it has warned of a sales hit due to supply chain snags.

Ipek Ozkardeskaya is a senior analyst at Swissquote. “That’s significant because it gives a hint as to what’s coming up in the NFT space in a few months: Adidas sneakers, other branded virtual clothing, shoes and objects.” 

SAND, the virtual currency you use to buy property, rose by 90% to $7.18, CoinGecko reported. The news came after Meta Platforms Inc (NASDAQ:) changed its name to Facebook late last month.

MANA, the cryptocurrency used to speculate in Decentraland’s leading online blockchain world, soared 36%, reaching $4.90. Decentraland’s land and other products can be purchased in non-fungible tokens.

Last week saw bitcoin and ether suffer the most from the announcement by India’s government that it would be banning all private transactions in cryptocurrency by country’s 15- to 20million crypto investors.

‘SURVIVE WINTER’

Bitcoin was traded at around 437,477 Indian rupees ($58,296.12) via Indian exchange WazirX. This is a slight premium to foreign prices and reverses a 15% discount that occurred on Tuesday following the announcement.

Simon Peters of eToro’s crypto analyst said, “If it’s a blanket prohibition, combined with China, then you’re talking about two centers of the world that are effectively frozen from crypto.”

El Salvador’s President announced plans to create the first Bitcoin City, funded at first by Bitcoin bonds. El Salvador recognized bitcoin in September as legal tender.

The average daily trading volumes for all digital asset types dropped by on average 13% between Oct-end and Nov. 19. However, net inflows averaged $203 millions, half of what was October according to CryptoCompare.

The data showed that assets under management for bitcoin-related products fell 9.5% to $48.7 Billion in the first 3 weeks of November, the biggest monthly drop since July. However assets in ether products grew 5.4%.

Decentralized finance-related token (SOL) & Litecoin-based products returned 22.0% and 14.9% respectively in the 30 days to November 19, with daily trading volume in the 21Shares Solana ETP nearly tripling to $6.3 million, CryptoCompare noted.

Decentraland’s virtual property was sold on Nov. 23 for $2.4 million in cryptocurrency, the crypto investor Tokens.com and Decentraland stated.

Analysts said that the December holidays could cause volatility to increase, and the taper of the U.S. Federal Reserve’s stimulative measures could prove bearish for Bitcoin.

President of market research firm Spectra Markets, Donnelly stated that “there should be more agnostics focusing in on the fact this is a bad time for crypto here – corrections could potentially be epic.”

Make sure that you are able to survive the winter.

(£1 equals 75.08 Indian rupees).