In November, the trading volume of virtual currencies exceeded $10 trillion for the first time. The surge in volume came after Trump's election victory sparked a new rally in the market. Trump furthered his pro-cryptocurrency agenda on Wednesday by naming him chairman of the SEC.
According to a report by CCData, cryptocurrency trading volume crossed an important milestone last month.
Digital asset transactions on centralized financial platforms topped $10 trillion for the first time in history in November, jumping 101% to $10.4 trillion, the report said.
According to the report, monthly spot trading volume increased 128% to $3.43 trillion, the second-highest monthly total, while derivatives trading volume increased 89.4% to $6.99 trillion, a record high.
The significant spike in trading activity signals a massive outburst of bullish sentiment unleashed by Donald Trump's election victory, with crypto players hoping this will usher in a new golden age for digital assets. .
During the campaign, Mr. Trump frequently expressed support for Bitcoin, calling himself the “crypto president” in an effort to win over industry votes and political donations. Among his most important campaign proposals is the creation of a national Bitcoin reserve, which could put the token on par with strategic commodities such as oil and gold.
Since Trump won the election, Bitcoin has soared to record highs, stopping just below $100,000 in recent weeks. As of Wednesday afternoon, the coin had risen 42% since voting day.
The industry widely expects Trump to support policies that ease regulation of the industry throughout his term, and Trump has already moved to appoint several crypto advocates to his cabinet, including the SEC. It also includes content posted by committee chair Paul Atkins on Truth Social on Wednesday.
Atkins, a former SEC commissioner, will replace SEC Chairman Gary Gensler, who has taken a tough stance on the industry and is scheduled to resign on January 20th. During his campaign, Trump promised to fire Gensler.
“Cryptocurrency markets have soared since Election Day,” Andrew Baer of CoinDesk Indices said in an email. “Recent cabinet appointments and today’s SEC news have boosted sentiment and confidence between old and new digital asset projects.” “This suggests that market sentiment has increased and the market has become easier to navigate.” The future regulatory situation will remain unchanged. ”
Baehr said Ethereum's surge is perhaps the most significant move in recent weeks.
“Bitcoin’s regulatory path (supervision, futures, ETFs) is well-established, as is its function as a macro asset and store of value. Ethereum, on the other hand, has stablecoins, smart contracts, Web3 “The improvement in price performance post-election has been driven by the use of innovation, and what has been most exciting in recent weeks is the new recognition for growth in these use cases,” he said.
The report also notes that the altcoin frenzy has led to a surge in trading volumes, particularly in South Korea, where trading volumes hit an all-time high. According to the report, the total trading volume of South Korea's five exchanges, including Upbit, increased by 294% to $254 billion, and South Korea's market share of total spot trading jumped to more than 7%.
“Altcoins such as XRP have emerged as the main beneficiaries of a more favorable regulatory environment in the US, following past securities classification by the SEC. Due to the government’s decision to postpone the introduction of capital gains tax. , South Korea's trading activity has further increased by banning digital asset trading for another two years,” the report said.
