Spot ETF Sparks $1.1 Trillion Trading Surge — The Ultimate Catalyst For Bitcoin, Ether, Solana, Cardano, XRP Price Explosions? ⋆ ZyCrypto
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Advertisement     Spot ETF Sparks $1.1 Trillion Trading Surge — The Ultimate Catalyst For Bitcoin, Ether, Solana, Cardano, XRP Price Explosions? In December 2023, the cryptocurrency market witnessed an unprecedented surge in spot trading, surpassing the $1 trillion mark for the first time in over a year. Data compiled by The Block revealed that the total spot trading volume across exchanges reached an astounding $1.1 trillion, marking a substantial resurgence from previous months. This surge was notably higher than the last recorded instance in September 2022, when the trading volume hit $1.03 trillion. December’s figures showcased a remarkable rebound and set a new monthly record since May 2022, when trading volume peaked at $1.35 trillion. Binance, a leading crypto exchange, continued its dominance by contributing 39.3% to December’s total volume, amounting to $432.7 billion in US dollar terms. Following closely behind was South Korea-based Upbit, securing the second position with an 8.3% share valued at $91.8 billion and OKX at 8% with a total of $87.5 billion. While Binance has historically led the market, the exchange has experienced a drop in its market share amidst increased regulatory scrutiny. In contrast, Upbit and OKX witnessed an increase in their market shares during this period. Advertisement    Source: CoinGecko Spot Bitcoin ETF Speculation Driving Global Spot Trading Volume? These statistics, sourced from CoinGecko, reflect a shifting landscape in the crypto exchange market. The surge in trading activity in December 2023 coincided with heightened anticipation surrounding the potential approval of a spot Bitcoin exchange-traded fund (ETF) by the US Securities and Exchange Commission (SEC), potentially slated for approval as early as January 10. According to Bloomberg’s ETF analyst, Eric Balchunas, there’s a 10% likelihood of a short postponement for the approval of the spot Bitcoin ETF this month. Balchunas mentioned that the…
Filed under: News - @ January 4, 2024 8:14 pm