What Happened in the Cryptocurrency Market During the Week of November 20 – December 1
Dynamics of leading cryptocurrencies
At the end of the outgoing week, coins included in the top 10 largest cryptocurrencies by market capitalization demonstrated predominantly positive dynamics.
Bitcoin (BTC) has lost ground after failing to breach the psychologically important $100,000 level. The cryptocurrency is believed to be under selling pressure from long-term investors. Some market participants fear that the sell-off will continue. However, at the time of writing, the currency was trading at around $97,366, according to Coinmarketcap, up 1.25% intraweek.
The rate of the native coin of the Ethereum blockchain (ETH), unlike BTC, ends the seven-day period with a more significant increase of 12.86%. At the time of writing, the token was trading at around $3,736. At the same time, technical analysts at BeInCrypto believe that the currency has a chance to reach a yearly maximum of $4,093.
Ripple (XRP) is the leader in the top ten cryptocurrencies. The currency is still encouraged by the recent news about Gensler's imminent departure from the SEC, which could significantly affect Ripple's legal battle with the American regulator. The project is also preparing to launch the RLUSD stablecoin, and according to recent reports, it may receive approval from the New York regulator as early as December 4. At the time of writing, the token was trading, according to Coinmarketcap, at around $1.89 with an intraweek increase of 40.19%. According to analysts, XRP may test the $2 mark.
The only coin from the top 10 cryptocurrencies that ended up in a slight minus was the Solana token (SOL). At the time of writing, it was trading, according to Coinmarketcap, at around $239.16 with an intraweek decline of 2.87%. The technical prospects of the coin do not look too optimistic. The picture was also aggravated by the mass liquidation of long positions.
Regulatory news
The Trump administration plans to shift cryptocurrency regulation powers between the CFTC and the SEC.
A U.S. appeals court has ruled that the Treasury Department overstepped its authority in its case against Tornado Cash.
Cryptocurrency Exchange News
Binance announced the delisting of five cryptocurrencies from December 10.
The Binance team has announced the launch date of the BFUSD token. This is a profitable margin asset for futures trading.
Cryptocurrency exchange Kraken will shut down its NFT marketplace to focus on new projects.
Project news
The DOGS crypto project is ready to systematically allocate money to charity and financially support everyone who adopts an animal from a shelter.
Sui to Add Bitcoin Staking Through Partnership with Babylon Labs and Lombard Protocol
TON Foundation has introduced tokenized Bitcoin tgBTC. The token will integrate the liquidity of the first cryptocurrency into the TON blockchain ecosystem.
Other crypto market news of the week
The crypto community has criticized the streaming feature on Pump.fun. Users are demanding stricter moderation or the streams be disabled.
Tron founder Justin Sun has become the largest investor in Donald Trump's World Liberty Financial. In light of his large investment, he has been appointed as an advisor to the project.
Brazil follows US iin considering creation of Bitcoin reserve.
The Ukrainian government holds the sixth-largest state-owned BTC reserves in the world.
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