Bitcoin News: Deribit Reports $1.1 Trillion in Trading Volumes in 2024, a 95% Year-over-Year Growth

Deribit, a leading global crypto derivatives exchange, achieved a remarkable $1.1 trillion in trading volumes in 2024, reflecting a 95% increase from the previous year. This growth was driven by heightened activity, particularly in the fourth quarter, as institutional investors showed increased Optimism due to the U.S. presidential election and Bitcoin's evolving market dynamics.

Deribit Witnessed $1.1 Trillion in Trading Volumes in 2024, a 95% Year-over-Year Growth

Deribit, one of the leading crypto derivatives exchanges globally, reported a staggering $1.1 trillion in trading volumes in 2024, marking a 95% year-over-year increase from $608 billion in 2023. The surge was attributed to increased activity throughout the year, particularly during the fourth quarter. Institutional investors showed heightened optimism surrounding the U.S. presidential election and Bitcoin’s dramatic bull run past the $100,000 mark. The exchange recorded its busiest day on November 12, shortly after pro-crypto President Donald Trump secured the nomination, with a record $14.8 billion in 24-hour rolling volume.

MicroStrategy Expands Its Bitcoin Empire: Acquires 11,000 BTC For $1.1 Billion

On Tuesday, tech giant MicroStrategy purchased an additional 11,000 Bitcoin (BTC) for approximately $1.1 billion, as disclosed by its chair and co-founder Michael Saylor in a social media post on X (formerly Twitter). This acquisition marks the company’s 11th consecutive week of Bitcoin purchases, reinforcing its status as a significant player in the digital currency space. Saylor has been at the forefront of this strategy, positioning the enterprise software company as a Leveraged Bitcoin proxy. According to Microstrategy’s filing with the US Securities and Exchange Commission (SEC), the firm acquired the Bitcoin at an average price of about $101,191 per token between January 13 and January 20. With this latest purchase, the firm now holds over 2% of all Bitcoin.

Elon Musk Explores Pardon for ‘Bitcoin Jesus’ Roger Ver Following Ulbricht Case

Following the recent clemency granted to Ross Ulbricht, the founder of the Silk Road, by US President Trump, there has been a growing online campaign for the pardon of Roger Ver, known as 'Bitcoin Jesus'. Elon Musk has expressed interest in inquiring about Ver's pardon. This development comes after Ulbricht's full and unconditional pardon, which was widely celebrated in the crypto community. RAY Youssef, an executive at the crypto platform Noonesapp, has been among the first to call for Ver's release.

Is Bitcoin Ready for a New Breakout?

Bitcoin could rally higher above the $90K-108K range, according to the choppiness index and reduced sell pressure from long-term holders. The choppiness index (CI), which gauges BTC price action relative to its price consolidation, suggests that the ongoing sideways movement is about to end. On-chain analyst Checkmate reinforced this outlook, stating that the Bitcoin Choppiness Index is fully gassed and ready to trend, indicating a potential breakout from the $100k level.

Coinbase CEO Brian Armstrong’s Bold Prediction: Bitcoin to Hit Multi-Million Dollar Valuation

Coinbase CEO Brian Armstrong has made a bold prediction that Bitcoin could reach a multi-million dollar valuation. He attributes this potential growth to increasing institutional interest and rising national-level adoption. Speaking on CNBC’s Squawk Box, Armstrong described Trump’s presidency as the 'dawn of a new day' for cryptocurrency. Although the first round of executive orders under Trump’s new term did not directly mention crypto, Armstrong remains optimistic about Bitcoin’s long-term potential. He cited the growing demand from institutional players, such as MicroStrategy's recent purchase of 11,000 BTC worth $1.1 billion, as a key factor driving Bitcoin's value.