Post-US Presidential Election Week, Bitcoin Trading App Coinbase Jumps to First Place: Report

A report noted that most crypto trading apps ranked in the top 10 on Apple’s App Store in the finance category.

The first week of November 2024 was filled with uncertainty as the US presidential election unfolded. Despite both leading candidates being pro-Bitcoin, the majority of crypto advocates supported Donald Trump, who ultimately won.

Following Trump’s victory, bullish sentiments surged in the crypto sector as he promised crypto-friendly regulations and clear rules for businesses.

Decrypt Media reported that Coinbase, the leading US-based crypto trading platform, achieved $12 billion in trading volume on November 12, marking its highest in 2024. On election day, Coinbase topped Apple’s iOS App Store in the finance category.

This analysis suggests increasing interest in the crypto space, with major players and retail investors likely to make significant moves. For instance, MicroStrategy’s former CEO shared that the company’s $42 billion Bitcoin acquisition goal might be achieved sooner than planned, while a US state announced plans to allocate $7 billion into Bitcoin.

Bitcoin price action

The current trade price of Bitcoin is $90,132. Notably, this price level has been fluctuating around the $90k mark. Many Bitcoin trading experts suggest that this level will play a critical role in determining the market’s future trajectory.

A report revealed that, on 17 November, Bitcoin briefly dipped below the $90,000 level. Over the past 24 hours, the entire network saw liquidations amounting to $385 million, with $252 million liquidated from long positions and $133 million from short positions. The largest single liquidation occurred on OKX’s ETH-USDT-SWAP pair, valued at $13.4157 million.

Read also: MicroStrategy Chairman Saylor Suggests Paying Dividends to Investors in Bitcoin (BTC)