May 23, 2024
Latest Cryptocurrency News

South Korean Exchange Upbit Overtakes Coinbase and OKX in Spot Trading Volume

Upbit, a South Korean cryptocurrency exchange, surpassed both Coinbase and OKX in terms of spot trading volume in July for the first time, according to data from CCData Wednesday.

In July, Upbit’s spot trading volume witnessed a significant increase of 42.3%, reaching $29.8 billion. Meanwhile, Coinbase and OKX experienced declines in their trading volumes by 11.6% and 5.75%, settling at $28.6 billion and $29.0 billion, respectively.

This shift in the market has positioned Upbit as the second-largest exchange by trading volume, following Binance, which has retained its position as the leading platform for spot trading in crypto with volumes of $208 billion. However, Binance’s market share has been gradually decreasing for the past five months, currently at 40.4%, its lowest level since August 2022, when it accounted for around 57.5% of the market share.

The report also revealed that centralized exchanges (CEXs) experienced the second-lowest trade volumes since 2021. After FTX’s decline in November 2022, users started gravitating towards CEXs like Binance or decentralized exchanges (DEXs) for their trading activities.

However, regulatory challenges have affected some of the most popular CEXs, including Binance and Coinbase, leading to major lawsuits. Consequently, DEXs witnessed a remarkable surge in trading volume by 444% in June.

Image by Freepik

Related posts

EU Adopts DAC8: New Rules for Cryptocurrency Tax Reporting Set to Launch

Anna Garcia

Apple Enhances iMessage Security for Future

Henry Clarke

Binance and Others Explore New Stablecoins in Japan

Robert Paul

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. Accept Read More

Please enter CoinGecko Free Api Key to get this plugin works.