Frax (frax) 
Crypto Market Witnesses Correction as Bitcoin Drops Below $98,000
The global crypto market experienced a correction last week, led by a decline in Bitcoin’s price. The cryptocurrency dropped below the $98,000 mark, triggering a market-wide downturn. As a result, altcoins also suffered significant losses.
Market Correction Statistics
The global crypto market cap dropped by 2.3%, with liquidations reaching $494 million as of November 25. The following day, liquidations surged to a 24-hour peak of $553 million, with long liquidations dominating the market amid a BTC drop to $92,000. On-chain data confirmed that the pullback was due to profit-taking trades.
Bitcoin ETFs Experience Net Outflows
Bitcoin ETFs began the week with a net outflow of $435 million, breaking a five-day inflow streak. These funds saw an additional $122 million net outflow before recouping $103 million on November 27 and $320 million on November 28.
Justin Sun Invests in World Liberty Financial
TRON founder Justin Sun invested $30 million in U.S. President-elect Donald Trump’s crypto project, World Liberty Financial. Shortly after, the project announced that Sun had joined its ranks as an advisor. Trump and his sons had been promoting the cryptocurrency, but the industry largely rejected it, leading to plummeting sales.
“Make finance great again,”
As a result of Sun’s investment, the project surpassed the threshold, and the Trumps are expected to collect at least $15 million from the Tron entrepreneur’s coin purchase.
XRP Takes Center Stage
Leading asset manager WisdomTree registered a trust in the state of Delaware, declaring its intentions to file for an XRP ETF. Following the market-wide correction, XRP positioned itself as one of the biggest beneficiaries of the ensuing recovery, spiking to a top of $1.95 on November 30.
XRP’s Rise to Prominence
XRP flipped Binance Coin to become the fifth-largest crypto asset, hitting a $100 billion market cap for the first time since January 2018. XRP closed the week with a 33% gain.
Traditional Firms Warm Up to Bitcoin
Traditional companies showed increased interest in Bitcoin last week. MicroStrategy purchased 55,000 more BTC for $5.4 billion, bringing its total holdings to 386,700.
Other Traditional Firms Investing in Bitcoin
Rumble, a video-sharing platform, confirmed plans to purchase $20 million worth of Bitcoin. Bitcoin mining firm Marathon procured $67 million in BTC, bringing its holdings to 34,794 worth $3.3 billion. Metaplanet is looking to secure $62 million in funding to purchase Bitcoin.
Global Regulatory Efforts
Countries are pushing to regulate the crypto market. The U.K. Financial Conduct Authority plans to complete crypto regulations by 2026. Morocco is looking to enact proper crypto regulations to bolster the growth of the local industry.
Regulatory Updates from Around the World
Brazilian lawmakers proposed allocating 5% of the country’s treasury to procure BTC. Russia introduced a federal law that will impose taxes on cryptocurrencies, recognizing the asset class as taxable property. A U.S. court of appeals overturned the Treasury’s sanction of Tornado Cash.
Pump.fun’s Live Stream Dilemma
Pump.fun’s live stream feature was abused by multiple token deployers, including threats of suicide and other heinous acts. The platform released a statement on the growing issue, noting efforts at regulating the live stream feature.
Pump.fun’s Response to the Issue
Pump.fun eventually suspended live stream indefinitely to curb the issue. Despite the recent predicament, the platform’s monthly revenue reached a new all-time peak of $82.7 million last month, representing a 207% rise from October’s figures.
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