BTC spot trading volume on centralized exchanges peaks, temporarily topping $90,000 BTC
The November U.S. presidential election led to a significant increase in BTC and USDT deposits on centralized exchanges (CEXs), with BTC spot trading volume reaching its highest level since March. Around 26,000 BTC was deposited into Binance during the election. During the same period, Coinbase saw the highest liquidity of any exchange in the U.S., with a total of 44,000 BTC inflows.
Meanwhile, Bitcoin briefly broke above $90,000 on Coinbase, with CoinDesk reporting that “$90,000 is a short-term resistance level, and within minutes of breaking above $90,000, the price reversed and fell to $8.85 million. The decline was driven by selling pressure.” Currently, BTC is trading up 0.07% at $87,773.09 on CoinMarketCap.
