As per the latest reports, FTX US has made an announcement in regards to the number of users and trades it has been recorded. FTX US is a major cryptocurrency exchange based in the United States and it has recently shared its performance in the third quarter of 2021.
The exchange has recently shared the activity of investors and the trading volumes it has recorded in the third quarter of 2021. The growth rate reported by the firm is a clear demonstration of how much the retail demand has surged in the running year for cryptocurrencies.
Retail and mainstream institutions have been investing in cryptocurrencies on a very large scale. Until the end of 2020, the adoption level for cryptocurrencies in the United States was not much among the mainstream institutions.
However, as Joe Biden’s administration has come into action from the beginning of 2021, things are looking very promising for the cryptocurrency sector. The mainstream and retail investors are investing heavily in cryptocurrencies.
As the industry continues growing larger in the country, more investors are coming to the space. As of now, the United States is the country responsible for the highest mining of Bitcoin and altcoins around the globe.
At the beginning of October 2021, the US Securities and Exchange Commission (SEC) even started approving exchange-traded funds (ETFs) for Bitcoin and other cryptocurrencies. As a result, even more, mainstream and retail investors have come onboard the crypto-space, although it is through indirect means.
The executives at the FTX US exchange have shared really high growth rate for the average daily volume for transactions. For the third quarter (1st of July 2021 – 30th of September 2021), FTX US’s average daily volume has increased by 512%. The firm revealed that on September 7, 2021, the exchange hit its all-quarter high of $807 million.
As for the user base, the exchange reported that it has risen by 52% in the third quarter of 2021. The exchange officials shared information surrounding the exchange’s performance on Thursday, November 11, 2021.
The exchange has also announced that by the end of the third quarter of 2021, it held 4.5% of the total spot market for cryptocurrencies in the United States. The exchange revealed that the lead is in terms of volume for the crypto spot market.
The exchange has revealed that the reason behind the surge in trading volume and user base is due to two major factors. The first factor is the cryptocurrency exposure that has been increasing in the United States ever since the US changed its stance towards cryptocurrencies.
The second factor is the bullish nature of Bitcoin and Ethereum coming back to trend since the beginning of August.