Bitcoin

<p>Despite a global decrease in cryptocurrency trading on centralized exchanges, South Korea has witnessed a <a href="https://www.yna.co.kr/view/AKR20230804016300091?input&#61;1195m" rel="noopener noreferrer nofollow">significant increase</a> in trading activities. Upbit, the nation’s largest crypto exchange, climbed to the second spot in global spot trading volume for July.</p><h2 id="header-0">Plunges in global trading volumes</h2><p>According to an <a href="https://ccdata.io/reports/exchange-review-july-2023" rel="noopener noreferrer nofollow">Exchange Review</a> for July 2023 by CCData, a virtual asset data provider, the total global spot trading volumes on centralized exchanges dropped to $515 billion in July, a 10.5% decrease compared to the previous month, marking the second lowest level since 2019. Additionally, derivative trading volumes fell by 12.7% to $1.85 trillion, the second-lowest since December 2020.</p><p>Experts attribute these declines to increased regulations on cryptocurrencies worldwide, such as legal crackdowns on exchanges like Binance and Coinbase by the US Securities and Exchange Commission.</p><p>Binance, the world’s largest cryptocurrency exchange, recorded a trading volume of $208 billion with a market share of 40.4% in July, marking a five-month consecutive decline, although it still maintained its title as the largest platform worldwide for crypto spot trading.</p><p>Coinbase — the largest cryptocurrency exchange in the US — and global exchange OKX also saw a decline in trading volume of 11.6% and 5.75% to $28.6 billion and $29 billion, respectively.</p><h2 id="header-1">Crypto exchanges flourish in Korea</h2><p>Contrarily, the majority of major crypto exchanges in Korea experienced significant growth in trading volume. Upbit’s trading volume skyrocketed by 42.3% to $29.8 billion in July, surpassing Coinbase and OKX for the first time to claim the second spot in global cryptocurrency exchanges behind Binance.</p><p>Other Korean exchanges also saw remarkable increases in trading volume. Bithumb recorded $6.09 billion, a surge of 27.9%, while Coinone’s volume rose by 4.72% to $1.39 billion.</p><p>These spikes in trading volume can be accredited to an increased interest in cryptocurrencies and blockchain technology among citizens throughout the country, despite global regulatory challenges impacting the market. As the cryptocurrency industry continues to evolve, Korean exchanges are showing resilience and maintaining their competitive positions on the global stage.</p>

Crypto Trading Surges in South Korea While Global Trends Decline

Table of Contents

CoinNess Global

Other articles published on Aug 4, 2023

Australian Regulator Sues eToro Over CFD Overreach

Polygon and Filecoin Continue to Fall, Investors are Turning to Borroe (ROE)

BlackBerry Identifies Notorious Malware Targeting Crypto

The Sandbox to Unlock Millions of SAND Soon: Price Drop to Come?

Admirals secures crypto license from CySEC for digital asset trading and ICOs

BNB Maintains Its Range Bond Move And Stabilizes Above $230

Join our free newsletter for daily crypto updates!