Cryptocurrency bullish for winter, virtual Adidas and a bitcoin city

FILE PHOTO: A representative of the virtual cryptocurrency Bitcoin
FILE PHOTO: A representation of the virtual cryptocurrency Bitcoin is seen in this illustration taken October 19, 2021. REUTERS / Edgar Su / File Photo

November 29, 2021

By Lisa Pauline Mattackal and Medha Singh

(Reuters) – Cryptocurrencies have survived one of the biggest market shocks since the first days of the pandemic last week, with El Salvador being a notable buyer, while investors decided not to share Adidas’ excitement over its foray into the noisy supermarket market.

El Salvador plans to build the world’s first “Bitcoin City” -bonds-2021- 11-21 and the entry of Adidas were bright spots for the digital asset in a week that saw major cryptocurrencies hit by concerns about the novel coronavirus variant Omicron.

Bitcoin fell 0.5% on Monday and has lost about 17% of its value from its record $69,000 in the past 19 days. But rival ether and tokens linked to hyper-centralized and decentralized financial applications have performed better.

Adidas’ move created waves after the German sportswear retailer said it was partnering with Coinbase Global Inc in a tweet, despite shares of Adidas did not participate in that celebration.

The company also purchased a virtual piece of land called “adiVerse” in the blockchain-based world The Sandbox, with the German company hinting that it will build it to offers virtual reality products, and comes at a time when it has warned of a drop in sales due to supply chain glitches.

“That’s something big because it’s also a hint of what’s to come for fans over the next few months in the NFT space: sneakers,” said Ipek Ozkardeskaya, senior analyst at Swissquote. Adidas and other branded clothing, footwear and virtual objects,” said Ipek Ozkardeskaya, senior analyst at Swissquote.

The price of SAND, the virtual currency used to buy real estate and other commodities, jumped 90% to $7.18, according to CoinGecko, receiving its second rally since Facebook rebranded, according to CoinGecko. to Meta Platforms Inc at the end of last month.

MANA, the speculative coin used in the leading blockchain-based online world Decentraland, surged 36% to $4.90. Land and other items on Decentraland are sold as a non-fungible token (NFT).

Aside from the sell-off triggered by the Omicron news, last week’s biggest headwinds for bitcoin and ether came from the Indian government’s announcement of a bill banning most private crypto transactions by 15 years. million to 20 million crypto investors of the country.


Bitcoin is trading around 4,376,477 Indian rupees ($58,296.12) on India’s WazirX exchange, a slight premium to prices outside the country, reversing from a 15% price drop in Tuesday after the announcement.

“If it’s a full-blown ban, combined with China, you’re talking about two centers of the world’s population that are effectively freezing,” said Simon Peters, crypto analyst at eToro. for cryptocurrencies”.

In another development, the president of El Salvador announced plans to build the world’s first “Bitcoin City”, funded initially with bitcoin bonds. El Salvador adopted bitcoin as a legal tender in September.

Average daily trading volume across all digital asset product categories declined by an average of 13% between late October and November 19, while average net inflows reached $203 million, half compared to October, according to data from CryptoCompare.

It shows that while assets under management in bitcoin-related products fell 9.5% to $48.7 billion in the first three weeks of November — the biggest month-on-month decline since October. 7 – assets in ether products have increased by 5.4%.

CryptoCompare notes:

A piece of virtual real estate in Decentraland was sold for a record $2.4 million in crypto on November 23, the buyer – crypto investor – and Decentraland said.

Meanwhile, the approaching December holiday season could increase volatility, while a reduction in US Federal Reserve stimulus could drive bitcoin lower, analysts say.

“There should be more agronomists focusing on the fact that we are in a bad part of the crypto cycle,” said Brent Donnelly, president of market intelligence firm Spectra Markets. Corrections can be epic.

“Make sure you can survive the winter.”

(1 dollar = 75.08 Indian rupees)

(Reporting by Lisa Pauline Mattackal and Medha Singh in Bengaluru; Additional reporting by Tom Westbrook in Sydney; Editing by Vidya Ranganathan and) Cryptocurrency bullish for winter, virtual Adidas and a bitcoin city

Bobby Allyn

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