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The Coin Rise 2024-12-03 12:30:54

Crypto Trading Volumes Surge to Three-Year High in November Amid Political Shifts

November proved to be a standout month for the cryptocurrency market, with exchange volumes reaching a three-year high. According to data from crypto market tracker New Hedge, spot exchange volumes hit an impressive $2.9 trillion, the highest level since May 2021. This surge was largely attributed to the surprise victory of Donald Trump in the U.S. elections, which sparked renewed optimism in the crypto sector. Many market observers noted that the shift in political power, combined with growing hopes of more favorable regulatory frameworks, led to a boost in investor sentiment. Record Trading Volumes in November Crypto exchange platforms, including Crypto.com, saw record trading volumes throughout the month. A spokesperson from the exchange confirmed that November had been the platform’s strongest month of the past year, noting that both interest and investment in cryptocurrencies had been steadily increasing. “We anticipate positive market sentiment will continue into the first quarter of next year,” the spokesperson added. With the election results, which saw pro-crypto candidates gaining seats in Congress, the industry is hopeful for a more crypto-friendly environment in the U.S. This has fueled predictions that the country may soon become one of the most crypto-supportive governments globally, driving future market growth. Regulatory Clarity Drive Volume Outside the United States, the momentum continues to build. Jurisdictions around the world are introducing or committing to clearer regulatory frameworks for digital assets, providing more certainty for both investors and market participants. These moves are seen as pivotal in driving global adoption, which in turn has contributed to increased trading volumes. Experts believe that the continued regulatory clarity, particularly in major markets, will help sustain this upward trend in crypto market activity. Jonathon Miller, Kraken’s managing director for Australia, also weighed in on the surge. His exchange saw solid performance in November, particularly in perpetual contract volumes. Bitcoin futures remained the dominant asset in trading, but other tokens, like Solana (SOL) and Dogecoin (DOGE), saw unprecedented activity . Miller noted that Dogecoin’s 24-hour trading volume even surpassed that of Ether for the first time, highlighting the increasing interest in memecoins amid the recent market rally. With volatility as a key driver, these assets have provided ample trading opportunities, and they stand to benefit as market momentum continues. The post Crypto Trading Volumes Surge to Three-Year High in November Amid Political Shifts appeared first on TheCoinrise.com .

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