Spot Crypto Trading Volumes Explode

It has been just revealed the fact that the spot crypto trading volumes have exploded. Check out the latest reports about the matter below.

The recent surge in cryptocurrencies has caused Bitcoin to rise to around $35,000, triggering renewed activity in the market. This is indicated by the daily exchange volumes reaching their highest levels since spring.

According to The Block’s data dashboard, the seven-day moving average for spot exchange volumes across reputable platforms in the market exceeded $24 billion on October 26.

This level has not been reached since the end of March.

As traders react to news about the potential launch of a Bitcoin exchange-traded fund, the market has been experiencing more pronounced fluctuations compared to the summer.

This is expected to create new channels for capital influx, which has lifted volatility to levels not seen since April, as per The Block’s dashboard.

There is a lot of fuss in the crypto space as traders are all expecting the approval of BTC ETF.

Analysts at Cantor Fitzgerald, a financial services firm that provides prime brokerage and investment banking services, have predicted that the highly-anticipated spot Bitcoin exchange-traded fund (ETF) is on the verge of being approved.

Bloomberg News reports that the firm is increasingly confident that the Security Exchange Commission (SEC) will give the green light to asset managers to launch a spot ETF for Bitcoin.

The SEC has been hesitant to approve such a product due to concerns over potential manipulation on offshore spot platforms.

However, the agency may approve new applicants if they have proposed robust market surveillance procedures.

“A comprehensive surveillance-sharing agreement with a regulated market of significant size” would mollify regulators, the firm’s Josh Siegler and Will Carlson noted.

The analysts believe a spot ETF approval would be a significant short-term catalyst for bitcoin’s price, adding approval would be “a bedrock moment for Bitcoin’s long-term adoption and legitimization.”