Crypto Trends Weekly Nov. 20 – 26

Breaking crypto news from the last week (Nov. 20 – 26, 2021):

Nov. 20: One of the world’s leading crypto exchanges, Gemini, has secured $400 million in a recent investment round led by Morgan Creek Capital. The funding round values the company at $7.1 billion. Gemini also plans to invest heavily in alternative metaverse proposals.

Nov. 21: The World Economic Forum (WEF) published a resource suite about digital assets, including central bank digital currencies (CBDCs) and stablecoins. More than 85 members of the WEF Digital Currency Governance Consortium contributed eight white papers to inform lawmakers and individuals in the private sector.

Nov. 22: El Salvador announced Saturday plans to create a “Bitcoin City” near a volcano funded by the cryptocurrency, the President said. Also, the country plans to partner with Blockstream, a digital assets infrastructure company, to raise about $1 billion via a “Bitcoin Bond.”

Nov. 23: The Bank of England (BOE) official said in building the case for a new form of digital currency backed by the government. The BOE and Treasury, along with other central banks worldwide, are studying whether to adopt a CBDC alongside cash. The BOE estimates that 20% of retail and consumer deposits could potentially move toward CBDCs.

Nov. 24: India is on track to ban all but a few private cryptocurrencies after the government announced the upcoming introduction of a new financial regulation bill. Indian crypto exchanges have already suffered panic selling over crypto bill confusion.

Nov. 25: Cryptocurrencies Cardano (ADA) and TRON (TRX) dropped on November 24, following a confusing decision by online trading platform eToro to delist the digital coins for US users on its platform. According to market data, TRON tumbled by over 5% on the day, while Cardano has sold off by over 8%.

Nov. 26: On Black Friday, the entire crypto market dropped by over 12% amid fears over a new worrisome coronavirus variant from South Africa. Bitcoin fell sharply alongside other crypto assets, hitting a seven-week low and officially entering bear market territory.