With the election of Donald Trump as the 47th US President, the trading volume on cryptocurrency exchanges reached its highest level in the last three years.
With the impact of the US presidential elections, the long-awaited rally in the crypto market has begun. While the investment flow into altcoins continues, new investors in the crypto market have shown great interest in centralized exchanges.
Expectations that Trump will provide regulatory clarity for the crypto industry and that Bitcoin will become a reserve currency have pushed trading volumes on centralized exchanges to record levels.
According to New Hedge data, the trading volume recorded by stock exchanges last month reached $2.9 trillion, reaching the highest level since May 2021.
New Investors Turn to Stock Exchanges
The official stated that the stock exchange started to record a record trading volume. He made the following statement:
“As a company, we have seen increased interest and investment in cryptocurrencies, leading to record trading volumes globally over the past few weeks.”
The official said they expect market sentiment to remain positive in the first quarter of 2025.
According to the same person, the increase in trading volume is due to the US election results and expectations for regulatory clarity. Exchange executives predict that the crypto industry will grow even more in the coming years. Kraken’s Australian general manager Jonathon Miller told Cointelegraph:
“Kraken sees volume surge as post-election market rally.”
Exchanges saw increased trading volumes alongside major altcoins like XRP and Dogecoin.
Miller highlighted that Dogecoin’s trading volume on Kraken has surpassed Ethereum for the first time.
A Binance spokesperson also noted that more investors are entering the crypto market and institutional demand is increasing. The spokesperson made the following statement:
“US-listed ETFs have contributed significantly to the recent rally by making it easier for institutional investors to hedge or take on risk.”