A thrilling shift occurred in the world of crypto exchanges recently. For the first time in recorded history, South Korea’s Upbit surpassed powerhouse centralized exchanges Coinbase and OKX in spot trading volume. According to analytics by CCData, this places Upbit positioned as the second worldwide in the crypto exchange ecosystem, only surpassed by Binance.
Interestingly, it seems that a surge in Korean retail investors’ demand for cryptocurrencies has boosted Upbit, showing a hefty 42.3% volume increase to $29.8 billion this July. Meanwhile, both Coinbase and OKX saw a slight decrease in their volumes, an 11.6% and 5.8% respectively, reducing their volume to $28.6 billion and $29 billion. Undoubtedly, these market trends throw quite a few interesting questions of potential market shifts into light.
On a separate note, Coinbase, the titan among the U.S. publicly traded crypto exchanges, announced the public opening of Base, a layer-2 blockchain built with OP Stack’s Optimism. Initially launched for developers, they are now providing ether transfer capabilities for users. Is it a strategic move ahead of them releasing their second-quarter results? Or a response to the consistent competitive pressure within the crypto world?
Now, shifting focus towards the regulatory world, we have ProShares and Bitwise filing applications with the U.S. Securities and Exchange Commission for an exchange-traded fund concentrating on digital assets, bitcoin, and ether, specifically. These filings have amplified the anticipation among the crypto enthusiasts, eagerly waiting for a spot bitcoin ETF.
Simultaneously, a report from Goldman Sachs’ economic research team suggests an unscathed tranquillity across traditional markets. Goldman’s indicators measuring market stress show no signs of panic, even with surging Treasury yields. Stable market stress indicators generally imply a low risk of panic sell-off spree in risky assets, offering a safety net for cryptocurrencies.
It is indeed a stimulating juncture in the world of crypto markets! Let’s watch and decipher the events as they unfold.
Source: Coindesk
