empty
 
 
You are about to leave
www.instaforex.eu >
a website operated by
INSTANT TRADING EU LTD
Open Account

30.11.202112:23 Forex Analysis & Reviews: Cryptocurrencies are getting ready for winter

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Exchange Rates 30.11.2021 analysis

Last week, cryptocurrencies experienced one of the largest market shocks. At the same time, El Salvador became a notable buyer of the fall.

The most striking events of last week were El Salvador's plan to build the world's first "Bitcoin City" and the release of Adidas.

Last Monday, Bitcoin declined by 0.5%, losing 17% of its value from a record $69,000. Meanwhile, competing currency ethers and tokens related to metaverse applications and decentralized finance turned out to be better.

Adidas made a splash after the German sportswear retailer announced in a tweet about cooperation with Coinbase Global Inc. But the company's shares did not react.

CoinGecko reported that the price of the virtual currency SAND, which is used to buy properties and other items, surged by 90%, namely to $7.18. It received the second increase since Facebook renamed itself Meta Platforms Inc at the end of last month.

The speculative currency MANA used in the blockchain-powered online world of Decentraland surged 36% to $ 4.90. Land and other items on Decentraland are sold in the form of non-fungible tokens (NFT).

In addition to the sell-off caused by the Omicron news, the biggest obstacle for Bitcoin and Ethereum last week was the announcement by the government of India of a bill banning private cryptocurrency transactions to about 15 to 20 million crypto investors in the country.

Analysts believe that the approaching December holiday season may increase volatility, while the reduction of the US Federal Reserve's stimulus may be bearish for Bitcoin.

Exchange Rates 30.11.2021 analysis

Irina Yanina
Analytical expert of InstaForex
© 2007-2024

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.




You are now leaving www.instaforex.eu, a website operated by INSTANT TRADING EU LTD
Can't speak right now?
Ask your question in the chat.

Turn "Do Not Track" off