The trading volume on centralized cryptocurrency exchanges hit a new all-time high in November, surpassing $10 trillion after both spot and derivatives volumes surged 101%.

The Chair of the Federal Reserve, Jerome Powell, has likened the flagship cryptocurrency Bitcoin to gold, saying it’s used as a speculative asset “just like gold only it’s virtual.

The United States Commodity Futures Trading Commission (CFTC) announced it secured a record $17.1 billion in monetary relief during the 2024 fiscal year, with a significant portion of the funds coming from enforcement actions involving the cryptocurrency industry.

Top stories in the Crypto Roundup today:

• Cryptocurrency Trading Volume Soar to Record $10 Trillion in November
• Fed Chair Jerome Powell Says Bitcoin is ‘Just Like Gold Only It’s Virtual’
• CFTC Secures Record $17.1 Billion in Enforcement Actions
• Crypto Open Interest Hit Record Highs in November

Cryptocurrency Trading Volume Soar to Record $10 Trillion in November

The trading volume on centralized cryptocurrency exchanges hit a new all-time high in November, surpassing $10 trillion after both spot and derivatives volumes surged 101%.

Spot trading volumes, according to CCData’s latest Exchange Review report, rose by 128% to $3.43 trillion after “both retail and institutional investors flocked to centralized exchanges.” The report attributes the surge to “heightened confidence in the asset class following the U.S. presidential election results, with the industry anticipating a more regulatory-friendly approach under the new administration.”

Derivatives trading volumes rose 89.4% to $6.99 trillion last month to a new all-time high, even as the market share of derivatives products on centralized exchanges dropped from 71.1% to 67.1%, the report details.

Several cryptocurrency trading platforms, including Upbit, Bybit, Crypto.com, Gate.io, and Bullish, reported record monthly trading volumes. Meanwhile, the derivatives trading volume on the CME rose 83.7% to $245 billion, a new all-time high.

Fed Chair Jerome Powell Says Bitcoin is ‘Just Like Gold Only It’s Virtual’

The Chair of the Federal Reserve, Jerome Powell, has likened the flagship cryptocurrency Bitcoin to gold, saying it’s used as a speculative asset “just like gold only it’s virtual.

Speaking at The New York Times’ DealBook Summit, Powell said that Bitcoin isn’t used as a form of payment and pointed out the cryptocurrency’s volatility, before saying it’s “not a competitor for the dollar” and is “really a competitor for gold.”

Powell, back in June 2023, told lawmakers that BTC has “staying power.” His comments come as the price of the cryptocurrency tops the $100,000 mark for the first time ever amid a rally that started after Republican candidate Donald Trump, who campaigned on a pro-crypto stance, won the US elections.

This week, Trump chose former regulator Paul Atkins to head the U.S. Securities and Exchange Commission (SEC). Atkins is seen as a cryptocurrency-friendly pick for the regulator, which has been leading a crackdown on the industry.

During the summit, Powell was asked for his thoughts on crypto and said the Federal Reserve “would not want the interaction between the crypto business and the banks to threaten the health and well-being of the banks.”

CFTC Secures Record $17.1 Billion in Enforcement Actions

The United States Commodity Futures Trading Commission (CFTC) announced it secured a record $17.1 billion in monetary relief during the 2024 fiscal year, with a significant portion of the funds coming from enforcement actions involving the cryptocurrency industry.

The record-setting relief included $2.6 billion in civil monetary penalties and $14.5 billion in disgorgement and restitution, the CFTC said in a statement. The agency's crackdown on the now-defunct crypto exchange FTX was a major contributor to the historic haul, accounting for $12.7 billion in restitution and disgorgement.

The agency’s case against FTX involved fraud claims against the platform, its sister company Alameda Research, and several of its executives including Sam Bankman-Fried, who was sentenced to 25 years in prison in March.

The agency is also pursuing cases against other former FTX and Alameda officials, including co-founder Gary Wang and ex-Alameda co-CEO Caroline Ellison.  In a separate settlement, the CFTC recovered $150 million from Binance founder and former CEO Changpeng Zhao, as well as $1.35 billion in civil monetary penalties from the exchange and its executives.

Crypto Open Interest Hit Record Highs in November

Last month, open interest on centralized cryptocurrency exchanges rose 67.1% to a record $129 billion as traders added leverage to their positions to capitalize on the market’s positive price action.

Dig deeper via CCData’s latest Exchange Review report.

State of the Crypto by Top Tier Exchange Volume

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