📉 $2.2B Liquidations, Gemini Backlash, Advocacy for Roman Storm

Good afternoon,

Okay, let’s all take a breather and woosah. Now, let’s jump right into the news that stood out today…

A sharp crypto selloff triggered more than $2.2 billion in liquidations, hitting Bitcoin, XRP, and Dogecoin especially hard. Meanwhile, Google’s Gemini AI is under fire for tapping Gmail and Calendar data, and crypto advocates are urging Trump to intervene in the Roman Storm retrial.

Check out the rest of today’s news below! 👇

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News Roundup

Artificial Intelligence

• Musk’s AI Chatbot Grok Declares Him Humanity’s Pinnacle, Sparks Bias Concerns (Decrypt)

• Young Conservatives Show Surprising Support for AI-Run Governance, Poll Finds (Decrypt)

• Two U.S. Labs Take Diverging Paths to Challenge China’s Lead in Open-Source AI (Decrypt)

• Google Faces Backlash Over Gemini's Access to Gmail and Calendar Data (Decrypt)

• AI Hedge Fund Numerai Raises $30M from Top Endowments, Token Jumps 40% (Cointelegraph)

Decentralized, Centralized, & Traditional Finance

• MegaETH Launches Pre-Deposit Program for USDm Stablecoin with $250M Cap (The Block)

• Dinari Launches Cross-Chain Trading for Tokenized U.S. Stocks via LayerZero Integration (The Defiant)

• Animoca and Open Campus Secure $50M EDU Token Deal with Nasdaq-Listed ANPA (Animoca Brands)

• Citi and Swift Complete Pioneering Fiat-to-Digital Currency Payment Trial (PR Newswire)

• Securitize Taps Plume to Scale Institutional Real-World Assets in DeFi (CoinDesk)

• SoftBank’s PayPay Integrates with Binance Japan, Enabling Seamless Crypto Transfers (Cointelegraph)

• Williams Signals Possible Fed Rate Cut in December Amid Divided Outlook (Reuters)

• Tokenizing Stocks and Assets Will Unlock DeFi Borrowing and Ownership Transfer, Says Superstate CEO (The Block)

Exchanges

• Coinbase Debuts ETH-Backed Loans as On-Chain Lending Surpasses $1.25B (Coinbase)

• OKX Boost Exploit Drains Nearly Entire PYBOBO Reward Pool (OKLink)

• Coinbase Acquires Solana DEX Vector to Expand Token Trading and On-Chain Capabilities (The Defiant)

Exchange-Traded Funds

• Ark Invest Buys $38M in Crypto Stocks Amid Market Slump (The Block)

• On Nov. 20, U.S. Bitcoin spot ETFs experienced $903 million in net outflows.

• U.S. Ethereum spot ETFs recorded $262 million in outflows on Nov. 20.

• On. Nov. 20, U.S. Solana spot ETFs saw $23.66 million in net inflows.

• LeverageShares to Launch First 3x Bitcoin and Ether ETFs in Europe (The Block)

Markets

• Early Bitcoin Whale Liquidates $1.3B Fortune After 14 Years, Data Shows (Decrypt)

• Bearish Sentiment Deepens as Crypto Traders Brace for Lower Lows and Fewer Rate Cuts (Decrypt)

• Bitcoin and Stocks Slide as Nvidia Boost Fades, Fed Rate Cut Doubts Loom (Cointelegraph)

• Polymarket Eyes $12B Valuation Amid Record Growth and U.S. Expansion Uncertainty (The Defiant)

• Bitcoin Slides Below $86K as Tech Sell-Off and AI Bubble Fears Roil Markets (Cointelegraph)

• US Consumer Sentiment Slips in November as Financial Strain Persists (UMich)

• Bitcoin, XRP, and Dogecoin Tank as $2.2B in Crypto Positions Liquidated (Decrypt)

Meme Coins

• Memecoin Market Hits 2025 Low as $5B is Wiped Out in a Day (Cointelegraph)

Mining

• U.S. Investigates Bitmain Over Espionage, Grid Sabotage Fears (The Block)

Politics & Regulation

• Senate Committee Advances Michael Selig’s Nomination to Head CFTC (The Block)

• SEC Enforcement Cases Plummet 30% Under New Chair Paul Atkins (Cointelegraph)

• Crypto Advocacy Groups Call on Trump to Intervene in Roman Storm Retrial (Cointelegraph)

• SEC to Host December Roundtable on Privacy and Financial Surveillance (Cointelegraph)

• Trump Crypto Partner Alt5 Sigma Faces SEC Scrutiny Over CEO Disclosure Timing (Forbes)

Token Generation Events

• aPriori Denies Insider Role After One Entity Claims 60% of APR Airdrop (Cointelegraph)

• Snipers Pocket $1.3M in Minutes from Base Creator Jesse Pollak’s Token Launch (DL News)

Treasuries

• Strategy Inc. Faces Potential $2.8B Blow as Index Exclusion Looms (Bloomberg)

• Crypto Treasury Firms Lose $77B in Market Cap as Holdings Plunge (The Block)

• BitMine Faces $4B Unrealized Loss on Ether as Analyst Flags Risk of 'Hotel California' Trap (CoinDesk)

Venture Capital

• Kalshi Hits $11B Valuation After $1B Raise as Prediction Markets Surge (TechCrunch)

Other News

• Argentine Report Alleges President Milei Played Key Role in Discredited Libra Crypto Project (The Block)

• Bitcoiners Buzz as Treasury Secretary Bessent Appears at D.C. Bitcoin Bar Launch (Cointelegraph)

• Indonesian Hacker Arrested for $398K Crypto Theft from Markets.com (Decrypt)

• Sui Builder Program Trains Young Developers in the Philippines to Code and Launch Blockchain Projects (Decrypt)

• Ex-Prosecutor Denies Misleading FTX Exec in Plea Deal Over Partner's Charges (Cointelegraph)

• UK Seizes $32.6M in Crypto and Cash, Arrests 128 in Russia Sanctions Bust (Decrypt)

Check This Out!

User activity is shrinking across top blockchains, with Solana’s active wallets plummeting from 32M in Sept 2024 to just 1.7M. Base and BNB are holding up better, while Ethereum and Polygon remain mostly flat.

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