Crypto trading volume on centralized exchanges broke a new record in December 2024! The total spot and derivative trading volume reached 11.3 trillion, up 7.58% from the previous month. Binance became the largest crypto exchange with the highest spot trading volume, reaching $946 billion, followed by Bybit and Coinbase. The crypto derivative trading volume was no less exciting, up 7.33% to $7.58 trillion—this is a record high for the derivatives market!
Curious, Bitcoin touched its highest price of all time, which was $108,249 on December 17, after previously breaking through $100,000 on December 5. But, there's drama! Bitcoin's price fell 3.5% from the $100,000 level on December 20 after Federal Reserve Chairman Jerome Powell said the economy is not giving any signs of lowering interest rates.
Now, all eyes are on the first interest rate decision from the US Federal Reserve which will be announced on January 29, 2025. It will definitely have a big impact on the price of Bitcoin! Oh yeah, the crypto market is also starting to be more optimistic, because the US Consumer Price Index report showed lower-than-expected core inflation. What do you think, will there be an interest rate cut and make the price of Bitcoin soar even more?