Insights on cryptocurrency exchange activity post-U.S. presidential election and renewed investor demand
The post Insights on cryptocurrency exchange activity post-U.S. presidential election and renewed investor demand appeared on BitcoinEthereumNews.com.
CryptoQuant revealed that cryptocurrency exchange trading saw its largest volume since March 2024. According to the firm, approximately $7.7 billion USDT was sent to Binance and over $4 billion USDT to Coinbase. CryptoQuant highlighted exchange activity after last week’s US presidential election. The analytics company implied that the Republican candidate’s win renewed investor demand for digital assets. Crypto exchanges record increased activity after US presidential election CryptoQuant highlighted that increased USDT in circulation meant higher exchange liquidity and trading activity. The firm noted the increased inflows corresponded with activity from investors after the Republican candidate won. They added that Coinbase and Binance were the top exchanges that recorded a huge transaction bump, receiving over $11 billion USDT a week after the presidential elections. The Trump victory seems to have renewed investor demand for Bitcoin and crypto with Bitcoin increasing to new all-time highs near $90k. – CryptoQuant Per CryptoQuant, Binance recorded 20,000 BTC in trade volumes on election day and an additional 26,000 BTC within two days after the election. The analytics firm also revealed that in the U.S., Coinbase recorded the largest trading volumes, receiving 23,000 BTC on November 5. The exchange also received an additional 44,000 Bitcoin on November 6 and 7. CryptoQuant pointed out that cryptocurrency trading activity in the perpetual futures markets experienced the largest weekly volume, $1.1 trillion. This week, other exchanges that recorded increased trading volumes included Bybit, Bitget, and OKX. Impending Trump’s presidency drives crypto bull run CoinMarketCap data revealed that Bitcoin traded above $89,000 on November 12 as markets continued to respond to the Republican candidate’s win. The data also indicated the asset had gained 30% in value in the past seven days. The price surge is reportedly a result of Trump’s commitment to pro-crypto policy reforms during the campaigns. The president-elect…
Filed under: News - @ November 13, 2024 6:17 am