Market optimism is based on expectations of a more favorable regulatory environment under the Trump administration, as investors hope for clearer regulations and less oversight of digital assets.
Cryptocurrency trading volume hit a record high in November, surpassing $10 trillion on centralized spot and derivatives exchanges. Bloomberg reported this.
The total trading volume has doubled compared to the previous month. This growth is driven by optimism about a more favorable regulatory environment for the industry under the newly elected Donald Trump administration. Against this background, the Bitcoin rate increased by 38%, setting a historical high of almost 100 thousand dollars.
“Optimism on this issue is reflected in the increased interest in assets like Ripple, which in the past have often been under strict regulatory scrutiny,” said Jacob Joseph, senior analyst at CCData.
Cumulative cryptocurrency trading volume has doubled in the past month. Spot trading on centralized exchanges rose 128% to $3.43 trillion, the second highest since May 2021. Meanwhile, derivatives trading rose 89% to $6.99 trillion, breaking the previous record set in March. The data does not take into account the number of decentralized financial platforms.
A particular increase in activity has been recorded on South Korean spot crypto exchanges such as Upbit, where traders are actively investing in altcoins. On CME, the leading institutional platform for cryptocurrency futures, total trading volume rose 83% to $245 billion, an all-time high for the exchange.
We remind you that the price of Bitcoin increased significantly after the announcement of the victory of Donald Trump in the US presidential election. On Election Day, the cryptocurrency traded at $69,000, rising to $75,000 after Trump’s victory was confirmed. The breakout of $100,000 came hours after the announcement of key appointments in the new Trump administration, including Paul Atkins, a former Republican member of the SEC, to lead the regulator.
Trump promised to create more favorable rules for cryptocurrency, accumulate a strategic reserve of Bitcoin and make the United States the “crypto capital of the planet.”
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.