2024-12-03
Following Donald Trump's victory in the
2024 U.S. presidential election, the cryptocurrency market experienced the biggest surge in 3 years. Bitcoin, for instance, reached an all-time high of nearly
$100,000 per BTC.
The election outcome spurred optimism
among investors, resulting in increased speculative buying also known as
"Trump Bump".
Trump's campaign included promises to
make the U.S. the "crypto capital of the planet" and to establish a
strategic Bitcoin reserve and it has created anticipation of crypto-friendly policies.
newhedge.io/terminal/bitcoin/monthly-exchange-volume
Crypto exchanges experienced a massive surge in trading volumes during November 2024, reaching a three-year high. The total trading volume on centralized exchanges increased from $1.292 trillion on October to $2.935 trillion on November, the highest since May 2021.
Binance led the charge, processing $986
billion in trades, accounting for 36% of the total volume. Other major
exchanges like Crypto.com, Upbit, and Bybit also saw impressive performances as
well.
This increase was largely driven by the reelection of pro-crypto candidate Donald Trump as U.S. President, which sparked renewed optimism and hopes for more favorable crypto regulations.
