Market updates
241203: Crypto exchange volumes hit 3 year high in November, riding Trump’s win
Pemula
2024-12-03 | 5m
Crypto exchange executives said growing regulatory clarity and high hopes after US President-elect Donald Trump’s win contributed to high trading volumes in November. Monthly crypto exchange volume hit a three-year high in November, sparked by Donald Trump’s election win at the start of the month, along with renewed hopes of more favorable crypto regulations. According to
data shared by crypto market tracker New Hedge, spot crypto exchange volumes hit $2.9 trillion in November, the highest since May 2021.
Hundreds of pro-crypto candidates won seats in Congress, and industry leaders have suggested the US government will become the most pro-crypto in history, which should result in a more favorable regulatory environment. Also, the US Federal Reserve cuts interest rates after a prolonged period of tightening, global liquidity rising and capital flowing into assets perceived as inflation-resistant and scarce.
Outside the US, there is “more certainty to the industry and those wanting to invest in crypto,” thanks partly to jurisdictions either introducing or committing to regulatory frameworks for digital assets.
Source:
CoinTelegraph
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