cryptopolitan.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 promised to make the United States a digital asset investment hub.
In September, Trump, along with his sons Eric, Barron, and Donald Jr., launched World Liberty Financial, a decentralized finance platform. The venture reportedly drew attention to the presidential candidate’s policies, signaling pro-crypto policy shifts under his administration.
Consequently, Trump received support from individuals like Elon Musk, who backed Dogecoin during his campaigns. Dogecoin recorded a 152% price surge in the past week as forelooking investors positioned themselves for friendlier crypto regulatory policies.
According to Philippe Bekhazi, Co-founder and CEO of digital asset firm XBTO, the Republican policy manifesto expressed during the campaign significantly influenced the current bull run. He added that the political party had been vocal about its support for digital assets, and the market was expected to rally if the presidential candidate won.
Bitpanda CEO Eric Demuth commented on the Republican party’s regulatory outlook. He stated that reforming the U.S. Securities and Exchange Commission into a more transparent and progressive institution would positively impact market confidence. He added that the institution was a main source of uncertainty for the cryptocurrency ecosystem in the previous regime.