Crypto exchange volumes reach 3-year high in November amid Trump’s win

Crypto exchange volumes surged to a three-year high in November, driven by Donald Trump’s election victory and hopes of more favorable cryptocurrency regulations in the US.

According to market tracker New Hedge, spot crypto exchange volumes reached $2.9 trillion in November, marking the highest level since May 2021.

Crypto.com reported that November was its "strongest month in the last year," with record trading volumes on the platform.

A spokesperson from the exchange attributed the rise to the election result and the prospect of clearer regulatory frameworks in the US, which encouraged new investors into the space.

The increase in volumes was also fueled by pro-crypto candidates winning seats in Congress.

Industry experts believe this shift will pave the way for the US to adopt a more crypto-friendly regulatory environment.

Additionally, crypto-friendly regulations in jurisdictions outside the US have contributed to a more secure and predictable investment landscape, fostering global adoption.

Kraken’s managing director for Australia, Jonathon Miller, highlighted that the exchange also saw a solid month, especially in perpetual volumes.

Bitcoin perpetuals accounted for most of the activity, with Solana (SOL) and Dogecoin (DOGE) setting new monthly all-time highs.

“Kraken has experienced a surge in our perpetual contract volumes as a variety of traders have sought leveraged exposure or to hedge risk throughout the post-election market upturn,” Miller said.

A Binance spokesperson noted that the approval of Bitcoin ETFs in major markets has led to increased participation from institutional investors.

The introduction of Bitcoin ETFs made it easier for institutions to gain exposure, boosting the recent rally.

In November alone, Bitcoin ETFs raked in $6.87 billion, with outflows of $411 million.

The total market cap for the crypto market reached $3.47 trillion as of December 2, continuing its upward trajectory.

The Binance spokesperson also pointed out that the US Federal Reserve’s decision to cut interest rates and global liquidity rising contributed to the rally.