Global Cryptocurrency Market Sees 33-Month Low Transaction Value

The global cryptocurrency market saw a significant decline in popularity and transaction value in July. According to Double Rock, the global virtual asset exchange's spot transaction amount was $672.4 billion (972 trillion won), down 28.82% from the previous month and 63.65% from the same month last year.

The figure is a 33-month low, falling below $700 billion for the first time since October 2023. Binance recorded $17.2 billion, accounting for 29.33% of the total share, while Upbit, the nation's largest exchange, plunged 36.01% to $18.3 billion.

Global virtual asset exchanges are shifting focus from existing cryptocurrencies like Bitcoin and Altcoin to stock tokens. Binance has already listed half of its futures trading in stock futures, with a 24-hour transaction amount of $31.1 billion. This trend is driven by the booming stock market and the advantages of token stocks that can be invested in popular stocks worldwide.

Domestic exchanges limited to spot transactions of coins are struggling due to prolonged sluggishness. Major domestic exchanges such as Upbit and Bithumb saw significant declines in transaction value, with only a few stocks recording high daily transaction values.