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

According to data shared by cryptocurrency market tracking firm New Hedge, spot cryptocurrency exchange trading volume reached $2.9 trillion in November, the highest level since May 2021. A Crypto.com spokesperson said November was its "strongest performing month of the year" with record-high platform trading volume. "As a company and an industry, we are seeing continued interest and investment in cryptocurrencies, which has led to record global trading volumes over the past few weeks. We expect the positive market sentiment to continue into the first quarter of next year," the spokesperson added. The spokesperson said this growth may be driven by the recent election results in the US and the prospect of further regulatory clarity in major markets, which are seen as important factors driving global adoption and increased trading volumes. Kraken Australia Managing Director Jonathon Miller said the exchange also experienced a robust month, particularly in perpetual contract trading. Miller said Bitcoin perpetual contracts accounted for the majority of trading volume, with Solana and Dogecoin perpetual contracts reaching monthly highs. He added: "Kraken's perpetual contract trading volumes have surged as a range of traders seek leverage exposure or to hedge the post-election market upswing." A Binance spokesperson said the exchange "has observed an increasing number of participants entering the cryptocurrency space," and speculated this may be due to a variety of factors, such as the approval and continued success of Bitcoin ETFs in major markets, as well as recent macroeconomic conditions that have significantly contributed to Bitcoin's rise. Additionally, the crypto-friendly outlook of the Trump administration, which promised to make the US a global cryptocurrency hub during the campaign, has injected optimism into the market.