News Roundup, Nov. 25: Metaverse Mania!

A research firm says bulls should be grateful for Bitcoin's current sell-off. Profit taking "was likely overdue against technically overbought conditions," BOOX Research argues. The authors added that the consolidation is "healthy" because it prepares the market for the next leg higher. Dismissing bears who say crypto winter is starting, its analysis suggests that a move below $50,000 is very unlikely — and would only happen in the event of an "unforeseen major regulatory setback." The latest.

Adidas has entered into a partnership with Coinbase — but there's just one problem: we're not entirely sure what this means. The popular sportswear brand announced the news on Twitter, mischievously adding: "Probably nothing." Realistically, this partnership will end up being one of three things: a collaboration as Coinbase prepares to launch an NFT marketplace, news that adidas has added BTC to its balance sheet, or confirmation that the brand will accept crypto as a payment method. What we know.

India is planning to impose a ban on "all private cryptocurrencies" — sparking fears of a return to strict regulations. Data currently suggests that as many as 20 million people in India currently invest in digital assets. There's some confusion as to what a "private cryptocurrency" actually is — and whether this refers to privacy coins such as Monero, or all assets that haven't been released by the state. News of the bill coming to parliament caused crypto prices to crash on local exchanges. Read more.

The metaverse could one day deliver $1 trillion in annual revenue, according to Grayscale Research. As Facebook plunges head first into virtual worlds — following blockchain-based projects including Decentraland — the metaverse has been described as an "internet evolution" that's ripe for investment. Grayscale says that the current market cap of Web 3.0 metaverse crypto networks currently stands at $27.5 billion — a stark contrast to Facebook's $900 billion valuation. Our article.

It's Thanksgiving! There's turkey and pumpkin pie to devour, family members to argue with, and plenty of American football to watch. But of course, the holiday season also gives us an opportunity to take a break... and reflect on what we're thankful for. And after the extraordinarily bullish 2021 for the crypto markets, there's no shortage of things to celebrate. Here's our list of eight crypto big things to be grateful about.