CryptoQuant revealed that cryptocurrency exchange trading witnessed its highest volume since March 2024. According to the firm, Binance received approximately $7.7 billion USDT, while Coinbase received over $4 billion USDT.
CryptoQuant analyzed exchange activity following the recent US presidential election. The analytics company implied that the Republican candidate's victory boosted investor demand for digital assets.
Crypto exchanges experienced increased activity after the US presidential election.
CryptoQuant highlighted that the increased USDT in circulation indicated higher exchange liquidity and trading activity. The firm observed that this increase coincided with investor activity following the Republican candidate's win.
Coinbase and Binance were identified as the top exchanges that recorded a significant transaction surge, receiving over $11 billion USDT within the week following the presidential election.
"The Trump victory seems to have renewed investor demand for Bitcoin and crypto, with Bitcoin reaching new all-time highs near $90k." - CryptoQuant
According to CryptoQuant, Binance recorded 20,000 BTC in trade volumes on election day and an additional 26,000 BTC within two days after the election. In the U.S., Coinbase recorded the highest trading volumes, receiving 23,000 BTC on November 5. The exchange also received an additional 44,000 Bitcoin on November 6 and 7.
CryptoQuant noted that cryptocurrency trading activity in the perpetual futures markets reached a substantial weekly volume of $1.1 trillion. Other exchanges that recorded increased trading volumes this week included Bybit, Bitget, and OKX.
Impending Trump Presidency Drives Crypto Bull Run
Data from CoinMarketCap revealed that Bitcoin traded above $89,000 on November 12 as markets responded positively to the Republican candidate's victory. The asset gained 30% in value over the past seven days.
The price surge is attributed to Trump's promise during his campaign to implement pro-crypto policy reforms. The president-elect pledged to transform the United States into a hub for digital asset investment.
In September, Trump, along with his sons, launched World Liberty Financial, a decentralized finance platform. This venture drew attention to the presidential candidate's policies, indicating a shift towards pro-crypto policies during his administration.
Consequently, Trump received support from individuals such as Elon Musk, who backed Dogecoin during his campaigns. Dogecoin experienced a 152% price surge in the past week as investors anticipated more favorable regulatory policies for cryptocurrencies.
According to Philippe Bekhazi, Co-founder and CEO of XBTO, the Republican policy manifesto played a significant role in the current bull run. He stated that the political party's support for digital assets was expected to bolster the market if the presidential candidate emerged victorious.
Bitpanda CEO Eric Demuth commented on the Republican party's regulatory outlook. He suggested that reforming the U.S. Securities and Exchange Commission into a more transparent and progressive institution would enhance market confidence. He added that the institution had been a source of uncertainty for the cryptocurrency ecosystem in the past.