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.
The declining trading volume was definitely positive for South Korean crypto exchange Upbit. According to the latest report from CCData, Upbit has dethroned Coinbase and OKX in terms of trading volume for the first time in July.
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Upbit got the upper hand as Coinbase and OKX trading volumes dropped
Data from CCData shows that trading volume on Coinbase and OKX dropped by 11.6% to $28.6 billion. During the month, OKX saw a 5.8% drop to $29 billion. Upbit experienced a notable surge in trading volume, recording a significant 42.3% increase to reach $29.8 billion.
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.
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A CCData analyst wrote in a note to CoinDesk that “The Korean market has thought to have been largely driven by retail traders who have built a reputation in the crypto sector. The Kimchi Premium is an example of this, a popular phenomenon which has historically been fueled by strong local demand for digital assets.”