Freedom

Billion

Spot

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 <p>Centralized exchanges, especially in the US, have taken a hit due to regulatory uncertainty. Coinbase and OKX were greatly affected, which is evident in the fall in trading volume in July.</p> 
 <p>The declining trading volume was definitely positive for South Korean crypto <a rel="noopener noreferrer nofollow" title="exchange" href="https://thebittimes.com/tag/exchange.html">exchange</a> <a rel="noopener noreferrer nofollow" title="Upbit" href="https://thebittimes.com/tag/upbit.html">Upbit</a>. According to the latest report from CCData, <a rel="noopener noreferrer nofollow" title="Upbit" href="https://thebittimes.com/tag/upbit.html">Upbit</a> has dethroned Coinbase and <a rel="noopener noreferrer nofollow" title="OKX" href="https://thebittimes.com/tag/okx.html">OKX</a> in terms of trading volume for the first time in July.</p> 
 <p><strong>Also read: Bitfinex Hack: Duo Pleads Guilty in $4.5 Billion Heist</strong></p> 
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 <h2 class="wp-block-heading" id="h-upbit-got-the-upper-hand-as-coinbase-and-okx-trading-volumes-dropped">Upbit got the upper hand as Coinbase and OKX trading volumes dropped</h2> 
 <p>Data from CCData shows that trading volume on Coinbase and <a rel="noopener noreferrer nofollow" title="OKX" href="https://thebittimes.com/tag/okx.html">OKX</a> dropped by 11.6% to $28.6 billion. During the month, <a rel="noopener noreferrer nofollow" title="OKX" href="https://thebittimes.com/tag/okx.html">OKX</a> saw a 5.8% drop to $29 billion. <a rel="noopener noreferrer nofollow" title="Upbit" href="https://thebittimes.com/tag/upbit.html">Upbit</a> experienced a notable surge in trading volume, recording a significant 42.3% increase to reach $29.8 billion.</p> 
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 <p>This remarkable performance propelled the exchange to become the second-largest platform by trading volume, following Binance. Previously, Coinbase held the position of the second-largest crypto exchange in terms of trading volume.</p> 
 <p><strong>Also read:&nbsp;US Congressman Warren Davidson Stresses Crypto Self-Custody for Defending Freedom</strong></p> 
 <p>A CCData analyst wrote in a note to CoinDesk that <strong>“The Korean market has thought to have been largely driven by retail traders who have built a reputation in the crypto sector.&nbsp;The Kimchi Premium&nbsp;is an example of this, a popular phenomenon which has historically been fueled by strong local demand for digital assets.”</strong></p> 
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<div class="cs-entry__tags"> 
 <ul> 
  <li>COINBASE</li> 
  <li>exchange</li> 
  <li>OKX</li> 
  <li>Upbit</li> 
 </ul> 
</div>

Upbit Claims No. 2 Spot in July Trading Volume

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TheBitTimes

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