Implications of eToro’s Quintupled Cryptocurrency Trading Volume on the Bull Market – DL News

The online trading platform eToro experienced a crypto trading volume hike exceeding 500% in November when compared to November last year, as reported by CEO Yoni Assia to DL News on a Tuesday.

Triggered by the November 5 election victory of the crypto-friendly Donald Trump, the extensive crypto market continues to hit new highs weekly.

On December 5, Bitcoin reached a new milestone surpassing $100,000 with the total cryptocurrency market valuation now exceeding $3.6 trillion, as per CoinGecko.

“We witness a significant surge in customer engagement each time the market reaches a new record high,” mentioned Assia during an interview at Abu Dhabi Finance Week.

With 38 million users, eToro, which was founded 17 years ago in Israel, offers trading in various instruments including stocks, ETFs, and cryptocurrencies.

Cryptocurrency trading on Robinhood, another online trading service, also saw a substantial increase during the same timeframe.

Trading volumes soared by 400% from October to November, as stated in a document by the company.

Furthermore, the global cryptocurrency trading volume hit a record $10 trillion for the first time in November, according to CCData.

Tracking volumes at fintech brokerages such as eToro and Robinhood is critical as it reflects retail investor activity.

This growing engagement with digital assets prompts fintech platforms to prioritize cryptocurrencies.

In October, the payment behemoth Stripe made an announcement about its intended purchase of stablecoin infrastructure firm Bridge for $1.1 billion.

And Revolut, a UK-based financial tech company, is reported by Bloomberg to be launching its unique stablecoin.

SEC Settlement and Future Prospects

eToro, which made Bitcoin available for trading a decade ago, has since included over 120 tokens on its platform.

However, the September settlement with the SEC cost eToro $1.5 million and resulted in the removal of all cryptocurrencies for US customers, barring Bitcoin, Bitcoin Cash, and Ether, after claims of functioning as an unregistered broker and clearing agency.

Assia conveyed to DL News that the settlement opens up the potential for reintroducing assets in the US market, pending any regulatory changes anticipated under the Trump administration.

“The settlement only requires the discontinuation of trading,” he explained. “We could resume based on any forthcoming regulatory updates.”

eToro is expected to have a stronger US presence by 2025, regardless of its crypto strategy.

The firm is consulting with Goldman Sachs about the possibility of going public as soon as the next year’s second quarter, according to a Bloomberg report.

Assia refrained from discussing any details about the potential IPO when queried.

Reach out to Ben Weiss, our Dubai Correspondent for DL News, with any tips or insight at bweiss@dlnews.com.