Cryptocurrencies brace for winter

"If it is a blanket ban, in combination with China, you're talking two centres of the world's population that are effectively frozen out of crypto," said Simon Peters, crypto analyst at eToro.

Elsewhere, El Salvador's president announced plans to build the world's first "Bitcoin City," funded initially by bitcoin bonds. El Salvador adopted bitcoin as legal tender in September.

Average daily trading volumes across all digital asset product types fell by an average of 13% through Oct-end to Nov. 19, while net inflows averaged $203 million, half that in October, according to data from CryptoCompare.

It showed that while assets under management in bitcoin-related products have fallen 9.5% to $48.7 billion in the first three weeks of November - the largest month-on-month fall since July - assets in ether products rose 5.4%.

Decentralized finance-related token Solana (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.

A patch of virtual real estate in Decentraland sold for a record $2.4 million worth of cryptocurrency on Nov. 23, the buyer - crypto investor Tokens.com - and Decentraland said.

Article excerpted from Yahoo.