Korean Exchanges See Trading Volumes Soar Amid Crypto Rally

Korean cryptocurrency exchanges are seeing a significant surge in trading volumes following a rebound in major cryptocurrencies. According to recent data, Upbit's daily trading volume reached an all-time high of 4.61 trillion won as of Saturday at 3 p.m., nearly ten times the level seen just a week earlier. Bithumb also saw its 24-hour trading volume exceed 2 trillion won on Saturday.

The rally has been driven by expectations of easing U.S. regulatory uncertainty and improving liquidity, with Bitcoin surging about 22% last week to mark its biggest three-day gain since 2023. Despite this, analysts caution that investors may face greater volatility as they await key economic events such as the Jackson Hole symposium.

In response to the surge in trading activity, exchanges are intensifying fee competition by offering zero-fee promotions or waiving fees for selected assets and trading products. Coinone has eliminated trading fees across all listed cryptocurrencies until further notice, while Digital X had already launched a similar promotion earlier this month.