Crypto exchange Bitget experienced a remarkable surge in new user registrations during the initial week of December, surpassing the previous December’s total count by a notable 20%.
In a press release disclosed to CryptoNews, Bitget disclosed that a significant majority of these new users, comprising 89%, actively ventured into the cryptocurrency realm. Among these newcomers, a significant portion, 61%, specifically opted to delve into Bitcoin investments.
The recent surge in Bitcoin’s price, reaching as high as $44,000 last week, might have contributed to the increased interest among retail traders. Additionally, Google Trends indicated a substantial doubling in Bitcoin-related search queries between November 30 and December 6, showcasing a growing curiosity and interest in the leading cryptocurrency.
During the same period, there was a noticeable uptick in copy trading activity in the spot market, revealing a 23% rise in users partaking in this trading style. Bitget introduced copy trading for spot trading in January 2023, making year-over-year comparisons with December 2022 unfeasible.
Furthermore, cryptocurrency derivatives experienced a surge in popularity, with a 17% increase in users engaging in copy trading for cryptocurrency derivatives compared to the entire previous December.
This influx of interest coincides with the industry’s positive outlook on the potential approval of U.S. exchange-traded funds (ETFs) catering to digital assets. Analysts express optimism about this new investment avenue, which allows investors to engage in buying and selling Bitcoin at spot prices rather than futures, potentially democratizing cryptocurrency investments and reducing inherent risks.
The prospect of regulatory approval has gained traction, with expectations mounting for potential approval as early as the forthcoming month. This optimism has been fueled by the recent achievements of cryptocurrency fund managers, further heightening expectations for the broader market.
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