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Trading volumes on cryptocurrency exchanges have doubled in the past five days as the price of Bitcoin (CRYPTO: $BTC) and Ethereum (CRYPTO: $ETH) soared.
Trading volumes in cryptocurrencies reached $37 billion over the last week, doubling in short order as the price of BTC rose 24% and ETH’s price gained 34% amid a sudden breakout.
However, the current trading volumes remain much lower than the 12-month peak of $105 billion U.S. set last October when Bitcoin was at a record high of just over $126,000 U.S.
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Leading cryptocurrency exchanges include Coinbase Global (NASDAQ: $COIN), Robinhood Markets (NASDAQ: $HOOD), and Gemini (NASDAQ: $GEMI).
Monthly trading volumes are also trending higher and currently at $490 billion U.S. for August compared to $670 billion U.S. for all of July.
The upsurge in trading activity comes as Bitcoin and Ethereum breakout after several catalysts emerged for the digital asset sector.
Last week, U.S. President Donald Trump called on Congress to pass the Clarity Act legislation that would regulate digital assets.
And U.S. Treasury Secretary Scott Bessent is actively intervening in the bond market to lower yields on government notes. Lower interest rates favour risk assets such as cryptocurrencies.
Bitcoin was trading just under $80,000 U.S. on Aug. 24. Stocks of crypto exchanges such as COIN, HOOD and GEMI have each risen more than 10% in the past week.
Source: finance.yahoo.com