Trump's victory drives crypto exchange trading volume to 3-year high in November

According to data shared by cryptocurrency market tracker New Hedge, spot cryptocurrency exchange trading volume reached $2.9 trillion in November, the highest level since May 2021. A spokesperson for Crypto.com said that November was its "strongest month last year" with the platform's trading volume hitting a record high. "As a company and an industry, we have seen increasing interest and investment in cryptocurrencies, which has led to record global trading volumes in the past few weeks. We expect positive market sentiment to continue into the first quarter of next year," it added. According to the spokesperson, this growth may have been triggered by the recent election results in the United States and the prospect of further regulatory clarity in major markets, which is considered an important factor in driving global adoption and increasing trading volumes. Kraken Australia Managing Director Jonathon Miller said the exchange also experienced a solid month, especially for perpetual contract trading volumes. Miller said that Bitcoin perpetual contracts accounted for the majority of trading volume, and Solana and Dogecoin perpetual contracts set monthly record highs. It added: "Kraken's perpetual contract trading volume surged as various traders sought leveraged exposure or hedged against the risk of a post-election market upturn." A Binance spokesperson said in an interview that the exchange "has observed an increasing number of participants entering the cryptocurrency space" and speculated that this may be due to a variety of factors, such as the approval and continued success of Bitcoin ETFs in major markets, and recent changes in macroeconomic conditions have also played a considerable role in Bitcoin's rise. In addition, the prospect of a cryptocurrency-friendly Trump administration has injected optimism into the market, and he promised during his campaign to make the United States a global cryptocurrency center. (Cointelegraph)