{"id":179498,"date":"2023-08-03T15:39:53","date_gmt":"2023-08-03T15:39:53","guid":{"rendered":"https:\/\/precoinnews.com\/?p=179498"},"modified":"2023-08-03T15:39:53","modified_gmt":"2023-08-03T15:39:53","slug":"upbit-exchange-overtakes-coinbase-and-okx-in-trading-volume","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/crypto\/upbit-exchange-overtakes-coinbase-and-okx-in-trading-volume\/","title":{"rendered":"Upbit exchange overtakes Coinbase and OKX in trading volume"},"content":{"rendered":"<p>South Korean cryptocurrency exchange Upbit overtook both Coinbase and OKX in terms of spot trading volume in July for the first time, according to data published on Aug. 3 from CCData.\u00a0<\/p>\n<p>Spot trading volume on Upbit rose in the month of July by 42.3%, up to $29.8 billion. Coinbase and OKX, on the other hand, saw their own volumes fall by 11.6% and 5.75%, bringing them in at $28.6 billion and $29.0 billion, respectively.<\/p>\n<p>This latest shift in the market now places Upbit after Binance as the second-largest exchange by trading volume, according to the report. <\/p>\n<p>Binance has been holding on to its market share as the largest platform for spot trading in crypto with volumes of $208 billion. While it still remains on top, the exchange\u2019s market share has dropped for the fifth month in a row, now at 40.4% \u2014 its lowest since a year prior in August 2022. Previously, the exchange controlled over half of the market share, with some numbers coming in at around 57.5%.\u00a0<\/p>\n<p><strong><em>Related: <\/em><\/strong><strong><em>XRP tops Bitcoin on Upbit with $2.6B of trading volume in 24 hours<\/em><\/strong><\/p>\n<p>The report also revealed that despite the uptick in some exchanges\u2019 volume, centralized exchanges (CEXs) recorded the second-lowest trade volumes since 2021. <\/p>\n<p>After the fall of FTX in November 2022, users began to turn to CEXs like Binance or decentralized exchanges (DEXs) to trade. <\/p>\n<p>However, since then, multiple CEXs \u2014 including two of the most popular, Binance and Coinbase \u2014 have been involved in major lawsuits with regulators. This, in turn, caused trading volume on DEXs to skyrocket by 444% in June.\u00a0<\/p>\n<p><em><strong><em>Collect this article as an NFT<\/em><\/strong><em> to preserve this moment in history and show your support for independent journalism in the crypto space.<\/em><\/em><\/p>\n<p><strong><em>Magazine: <\/em><\/strong><strong><em>Deposit risk: What do crypto exchanges really do with your money?<\/em><\/strong><\/p>\n<p>Source: <a href=\"https:\/\/cointelegraph.com\/news\/upbit-exchange-overtakes-coinbase-and-okx\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>South Korean cryptocurrency exchange Upbit overtook both<\/p>\n","protected":false},"author":3,"featured_media":179497,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Upbit exchange overtakes Coinbase and OKX in trading volume - 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