Looking at the current times, the cryptocurrency market is slowly gaining momentum. Just after Bitcoin hits its highest trading price, the cryptocurrency exchange and Web3 company Bitget crosses its all time trading volume. On November 15, the market capital surged to about $3 trillion creating an all new record.
According to Coingecko’s latest report, the overall derivatives trading volume has surged to $1.51 trillion, with a 1.7% increase in the past 24 hours. It has also surpassed other major competitors by securing a 3rd position globally. But what does this mean for all the crypto enthusiasts out there? Let’s have a look at the bigger picture this achievement holds.
Did Bitget just raise the bar?
Looking at the rising crypto market, it could be high time for crypto enthusiasts to start again investing in crypto. The recent incident of Bitcoin going above $90,000 on Wednesday amid rising policy optimism, can be a strong point to do so. In addition to this some analysts suggest that the Bitcoin could be the world’s largest token and could hit $100,000.
Also, the recent surge in trading activity and daily active users on Bitget shows a growing confidence and engagement within the crypto trading ecosystem. But what could be the reason behind it? “With the recent uptrend where the market had higher fluctuations and movements in price action, this has turned out to be the latest growth booster for Bitget. There has been migration of traders to crypto trading sites. This is because crypto such as Bitcoin And Ethereum are generating global attention and potential gain,” Manish Tewari, Co-Founder, Spydra Technologies, highlighted.
Is the crypto market booming?
According to Reuters, the industry is now pushing for measures including potential executive orders on crypto firms’ access to banking services and crypto-friendly picks in a range of roles, SEC executives said. In 2021, the European Commission had issued a legislative package to reform the Countering the Financing of Terrorism (CFT) framework and EU’s Anti-Money Laundering (AML). This includes a proposal for new rules on information in transfers of crypto and other funds. The regulations were adopted on June 9, 2023 and will apply on December 30, 2024. A ray of light in the not so strong crypto regulatory structures!
Adding onto this the European Banking Authority (EBA), Europe’s regulatory agency in charge of addressing weaknesses in the banking sector, published two sets of guidelines. These include a specific guide for crypto-asset service providers (CASPs). Notably, CASPs are platforms which carry out fund or crypto transfers. According to the ECA, these guidelines will apply from December 30, 2025.
On November 14, the EBA introduced a set of guidelines that specify what CASPs need to keep in mind when trading in crypto. According to the EBA, CASPs must choose an authentic screening system that will allow them to comply with the upcoming“restrictive measures” obligations. The guidelines also compel PSPs and CASPs to screen information to manage the risks of entities or individuals violating the EU’s restrictive measures.
In addition to this Trump’s recent electoral victory has proven beneficial for Indian crypto exchanges, as trading volumes for Altcoins have tripled and user retention has risen by 45%. “The Bitcoin rally and Donald Trump’s election victory has led to a resurgence of activity on our platform, with user signups soaring by 150% and a twofold increase in Know Your Customer (KYC) registrations,” Shivam Thakral, CEO of BuyUcoin, explained.
