Trading volumes at Korean crypto exchanges jumped after bitcoin and ethereum rebounded sharply, raising hopes for better fee revenue after a prolonged slump. Upbit briefly exceeded 4.61 trillion won in daily trading volume, while Bithumb topped 2 trillion won. The rally also intensified fee competition, with Coinone and Korbit rolling out zero-fee promotions. Analysts said easing U.S. regulatory uncertainty and stronger liquidity helped drive the rebound.
Bitcoin and other cryptocurrency prices are displayed at a Bithumb Lounge in Gangnam District, Seoul, Tuesday, as bitcoin tops the $80,00-mark for the first time since May. Yonhap
Trading volumes surged at Korean crypto exchanges in recent days after bitcoin and ethereum prices rebounded sharply, industry officials said Wednesday.
The rebound is raising expectations that the recovery in crypto prices will translate into improved fee revenue for local exchanges, which have suffered weak earnings amid a prolonged trading slump.
According to CoinMarketCap and other cryptocurrency data providers, daily trading volume on Upbit, the country’s largest crypto exchange, had hovered between 300 billion won ($217 million) and 600 billion won for a week before Aug. 20. It surpassed 1 trillion won on the afternoon of Aug. 20, when bitcoin approached $70,000, before reaching 4.61 trillion won as of 3 p.m. Saturday, nearly 10 times the level a week earlier.
