In the opening week of December, crypto exchange Bitget witnessed a significant surge in new user registrations, surpassing the entire count for December of the previous year by 20%.
In a press release shared with CryptoNews, the crypto exchange revealed that 89% of these new users chose to delve into the world of cryptocurrencies, with a significant majority, 61%, opting exclusively for Bitcoin.
Bitcoin price surged as much as $44,000 last week.
Google Searches for Bitcoin-Related Queries Double
The increased interest in Bitcoin among retail traders coincided with a notable spike in internet search queries.
Google Trends reported a doubling of Bitcoin-related search queries from November 30 to December 6, highlighting the growing curiosity around the leading cryptocurrency.
Another significant trend observed during the first week of December was a heightened demand for copy trading in the spot market, revealing a 23% rise in users engaging in this form of trading. Earlier, Bitget launched copy trading for spot trading in January 2023, making comparisons with December 2022 unfeasible.
Cryptocurrency derivatives have also witnessed a surge in popularity. Comparing the first week of December with the entirety of the previous December reveals a 17% increase in users engaging in copy trading for cryptocurrency derivatives.
Optimism Around Spot Bitcoin ETF Approval
This surge aligns with the industry’s optimism surrounding the potential approval of U.S. exchange-traded funds (ETFs) to hold digital assets.
Analysts believe this new investment option, allowing investors to buy and sell Bitcoin at spot prices rather than futures, has the potential to democratize cryptocurrency investing and mitigate inherent risks.
The likelihood of regulatory approval has increased, with expectations for potential approval as early as next month, fueled by the recent successes of cryptocurrency fund managers.