Crypto Market Corrects, Justin Sun Saves WLFI, XRP Takes Center Stage | Weekly Recap

Introduction

The cryptocurrency market witnessed a correction last week, led by Bitcoin’s slump below the $98,000 mark. However, the market’s downturn was short-lived, as altcoins began to recover, and XRP emerged as one of the biggest beneficiaries of the ensuing recovery. Meanwhile, Justin Sun’s investment in World Liberty Financial (WLFI) helped save the project, and traditional firms such as MicroStrategy and Rumble warmed up to Bitcoin.

Market Correction

• Bitcoin (BTC) slumped below the $98,000 mark, leading to a global crypto market cap drop of 2.3%.
• Liquidations hit $494 million as of Nov. 25, with long liquidations dominating amid a BTC drop to $92,000.
• On-chain data confirmed that the pullback was due to profit-taking trades.
• Bitcoin ETFs began the week with a net outflow of $435 million, breaking a five-day inflow streak.

WLFI Taps Sun as Advisor

• TRON founder Justin Sun invested $30 million in WLFI, a crypto project backed by U.S. President-elect Donald Trump.
• Sun joined WLFI as an advisor, and the project announced that it had passed the threshold, with the Trumps expected to collect at least $15 million from Sun’s coin purchase.

XRP Takes Center Stage

• WisdomTree registered a trust in Delaware, declaring its intentions to file for an XRP ETF.
• XRP positioned itself as one of the biggest beneficiaries of the market’s recovery, spiking to a top of $1.95 on Nov. 30, as it retested the 2021 peak.
• Amid the run, XRP flipped Binance Coin (BNB) to become the fifth-largest crypto asset, hitting a $100 billion market cap for the first time since January 2018.

Traditional Firms Courting Bitcoin

• MicroStrategy built on its existing buying spree with a purchase of 55,000 more BTC for $5.4 billion.
• Rumble, a video-sharing platform, confirmed plans to allocate up to $20 million in Bitcoin for strategic growth.
• Marathon, a Bitcoin mining firm, procured $67 million in BTC, bringing its holdings to 34,794 worth $3.3 billion.

Global Regulatory Efforts

• 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 after banning the asset class seven years ago.
• Brazilian lawmakers proposed the idea of a national Bitcoin reserve, suggesting the country allocate 5% of its treasury to procure BTC.

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 suspended live stream indefinitely to curb the issue.
• Despite the recent predicament, Pump.fun’s monthly revenue reached a new all-time peak of $82.7 million last month.

Conclusion

The crypto market’s correction was short-lived, as altcoins began to recover, and XRP emerged as one of the biggest beneficiaries of the ensuing recovery. Justin Sun’s investment in WLFI helped save the project, and traditional firms such as MicroStrategy and Rumble warmed up to Bitcoin. As the market continues to evolve, it is essential to stay informed about global regulatory efforts and the impact of these developments on the crypto market.

Prediction:

Based on the recent trends and developments, we predict that:

1. XRP will continue to be one of the top performers in the market, driven by its growing adoption and potential ETF listing.
2. Justin Sun’s investment in WLFI will help stabilize the project, and it may attract more investors and users in the coming weeks.
3. Traditional firms will continue to warm up to Bitcoin, driving up demand and potentially leading to a new all-time high for the asset.
4. Global regulatory efforts will continue to shape the crypto market, with the U.K., Morocco, and Brazil leading the way in implementing new regulations.

Actionable Insights:

1. Investors should keep a close eye on XRP’s performance and potential ETF listing.
2. WLFI’s stability and growth will depend on Justin Sun’s continued involvement and support.
3. Traditional firms’ increasing adoption of Bitcoin will drive up demand and potentially lead to a new all-time high.
4. Global regulatory efforts will shape the crypto market, and investors should stay informed about new developments and their potential impact on their investments.