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<p class="is-style-lead">In today’s edition of the weekly recap: the crypto market witnessed a correction spearheaded by Bitcoin, while TRON founder Justin Sun came to U.S. President-elect Donald Trump’s aid.</p>
<h2 class="wp-block-heading" id="market-correction">Market correction</h2>
<ul class="wp-block-list">
 <li>As Bitcoin (<a href="https://crypto.news/price/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">BTC</a>) slumped below the $98,000 mark days after breaching $99,000, altcoins collapsed. The global crypto market cap <a href="https://crypto.news/small-cap-altcoin-liquidations-dominate-market-cap-falls-2-3/" target="_blank" rel="noopener noreferrer nofollow">dropped</a> 2.3%, with liquidations hitting $494 million as of Nov. 25.</li>
 <li>The following day, liquidations had <a href="https://crypto.news/traders-seen-553-million-crypto-liquidations-as-bitcoin-dropped-92k/" target="_blank" rel="noopener noreferrer nofollow">surged</a> to a 24-hour peak of $553 million, with long liquidations dominating amid a BTC drop to $92,000. On-chain data <a href="https://www.euronews.com/business/2024/11/26/bitcoin-retreats-near-a-milestone-level-on-profit-taking" target="_blank" rel="noopener noreferrer nofollow">confirmed</a> that the pullback was due to profit-taking trades.&nbsp;</li>
 <li>Bitcoin ETFs <a href="https://crypto.news/bitcoin-etfs-record-438m-in-outflows-as-btc-dips-below-93k/" target="_blank" rel="noopener noreferrer nofollow">began</a> 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 Nov. 27 and $320 million on Nov. 28.</li>
</ul>
<h2 class="wp-block-heading" id="wlfi-taps-sun-as-advisor">WLFI taps Sun as advisor</h2>
<ul class="wp-block-list">
 <li>Last week, TRON founder Justin Sun <a href="https://crypto.news/justin-sun-invests-30m-in-trump-project-world-liberty-financial/" target="_blank" rel="noopener noreferrer nofollow">pumped</a> an investment of $30 million into U.S. President-elect Donald Trump’s floundering crypto project, World Liberty Financial.</li>
 <li>Shortly after, the project <a href="https://crypto.news/justin-sun-joins-world-liberty-financial-as-advisor/" target="_blank" rel="noopener noreferrer nofollow">announced</a> that Sun had joined its ranks as an advisor. Trump and his sons had been promoting its cryptocurrency for weeks, saying it would “make finance great again,” but the industry “largely rejected it,” according to <a href="https://www.bloomberg.com/news/articles/2024-11-29/trump-s-crypto-project-was-a-bust-until-justin-sun-stepped-in" target="_blank" rel="noopener noreferrer nofollow">Bloomberg</a>. Sales <a rel="noopener noreferrer nofollow" href="https://crypto.news/how-is-trumps-world-liberty-financial-crypto-doing/">plummeted</a> so badly that Trump couldn’t secure a payout.</li>
 <li>On Nov. 25, Sun’s investment pushed the project over the threshold, and the Trumps are expected to collect at least $15 million from the Tron entrepreneur’s coin purchase.</li>
</ul>
<h2 class="wp-block-heading" id="xrp-takes-center-stage">XRP takes center stage</h2>
<ul class="wp-block-list">
 <li>Leading asset manager WisdomTree <a href="https://crypto.news/wisdomtree-files-for-xrp-etf-in-delaware/" target="_blank" rel="noopener noreferrer nofollow">registered</a> a trust in the state of Delaware, declaring its intentions to file for an XRP (<a href="https://crypto.news/price/xrp/" target="_blank" rel="noopener noreferrer nofollow">XRP</a>) ETF.</li>
 <li>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 Nov. 30, as it retested the 2021 peak.&nbsp;</li>
 <li>Amid the run, XRP <a href="https://crypto.news/ripples-xrp-flips-binance-bnb-after-16-surge/" target="_blank" rel="noopener noreferrer nofollow">flipped</a> Binance Coin (<a href="https://crypto.news/price/bnb/" target="_blank" rel="noopener noreferrer nofollow">BNB</a>) 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.</li>
</ul>
<h2 class="wp-block-heading" id="traditional-firms-courting-bitcoin">Traditional firms courting Bitcoin&nbsp;</h2>
<ul class="wp-block-list">
 <li>Traditional companies warmed up to Bitcoin last week. MicroStrategy built on its existing buying spree with a <a href="https://crypto.news/microstrategys-bitcoin-plan-gobbles-another-5-4b/" target="_blank" rel="noopener noreferrer nofollow">purchase</a> of 55,000 more BTC for $5.4 billion. This brought total holdings to 386,700.</li>
 <li>On Nov. 25, Rumble, a video-sharing platform, <a href="https://crypto.news/video-sharing-platform-rumble-to-allocate-up-to-20m-in-bitcoin-for-strategic-growth/" target="_blank" rel="noopener noreferrer nofollow">confirmed</a> plans to cop $20 million worth of Bitcoin. Bitcoin mining firm Marathon <a href="https://crypto.news/maras-bitcoin-top-up-readjusts-total-to-3-3b/" target="_blank" rel="noopener noreferrer nofollow">procured</a> $67 million in BTC, bringing its holdings to 34,794 worth $3.3 billion.</li>
 <li>Reports confirmed that leading publicly traded company Metaplanet is <a href="https://crypto.news/metaplanet-aims-to-raise-62m-from-stock-acquisition-rights-to-buy-more-bitcoin/" target="_blank" rel="noopener noreferrer nofollow">looking</a> to secure $62 million in funding to purchase Bitcoin.&nbsp;</li>
</ul>
<h2 class="wp-block-heading" id="global-regulatory-efforts">Global regulatory efforts</h2>
<ul class="wp-block-list">
 <li>Countries are pushing to regulate the crypto market. Last week, Bloomberg reported that the U.K. Financial Conduct Authority <a href="https://crypto.news/u-k-fca-will-finalize-crypto-industry-regulations-in-2026-report/" target="_blank" rel="noopener noreferrer nofollow">plans</a> to complete crypto regulations by 2026.&nbsp;</li>
 <li>North African country Morocco is also <a href="https://crypto.news/morocco-nears-crypto-law-after-2017-ban/" target="_blank" rel="noopener noreferrer nofollow">looking</a> to enact proper crypto regulations to bolster the growth of the local industry after banning the asset class seven years ago.&nbsp;</li>
 <li>While the U.S. debated the possibility of a national Bitcoin reserve, Brazilian lawmakers <a href="https://crypto.news/bitcoin-reserve-bill-introduced-in-brazils-congress/" target="_blank" rel="noopener noreferrer nofollow">proposed</a> the idea last week, suggesting the South American country allocate 5% of its treasury to procure BTC.</li>
 <li>Russia introduced a federal law that will <a href="https://crypto.news/russia-officially-recognizes-crypto-as-property-with-new-tax-law/" target="_blank" rel="noopener noreferrer nofollow">impose</a> taxes on cryptocurrencies in the country, essentially recognizing the asset class as taxable property.</li>
 <li>A U.S. court of appeals <a href="https://crypto.news/tornado-cash-smart-contracts-cleared-of-ofac-sanctions-in-latest-ruling/" target="_blank" rel="noopener noreferrer nofollow">overturned</a> the Treasury’s sanction of Tornado Cash, noting that it exceeded the department’s authority.&nbsp;</li>
 <li>Reports <a href="https://crypto.news/former-commissioner-paul-atkins-is-top-candidate-for-sec-chair/" target="_blank" rel="noopener noreferrer nofollow">suggested</a> former SEC Commissioner Paul Atkins was the favorite to become the next SEC chair under Donald Trump.</li>
</ul>
<h2 class="wp-block-heading" id="pump-fun-s-live-stream-dilemma">Pump.fun’s live stream dilemma&nbsp;</h2>
<ul class="wp-block-list">
 <li>Pump.fun’s live stream feature was <a href="https://crypto.news/pump-fun-livestream-leaves-the-community-stunned/" target="_blank" rel="noopener noreferrer nofollow">abused</a> by multiple token deployers, including threats of suicide and other heinous acts.</li>
 <li>The platform <a href="https://crypto.news/pump-funs-urgent-notice-on-community-moderation/" target="_blank" rel="noopener noreferrer nofollow">released</a> a statement on the growing issue, noting efforts at regulating the live stream feature. Pump.fun eventually <a href="https://pump.fun/docs/moderation-message" target="_blank" rel="noopener noreferrer nofollow">suspended</a> live stream indefinitely to curb the issue.</li>
 <li>Despite the recent predicament, Pump.fun’s monthly revenue <a href="https://crypto.news/pump-fun-monthly-revenue-hits-new-all-time-high-with-82-8m/" target="_blank" rel="noopener noreferrer nofollow">reached</a> a new all-time peak of $82.7 million last month, representing a 207% rise from October’s figures.</li>
</ul>
<p>Read more: <a rel="noopener noreferrer nofollow" href="https://crypto.news/its-time-for-a-crypto-funding-reboot-opinion/"> It’s time for a crypto-funding reboot </a></p>

Crypto market corrects, Justin Sun saves WLFI, XRP takes center stage | Weekly Recap

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