Upbit Sees Record $830M Trading Hour Amid Market Volatility

South Korean cryptocurrency exchange Upbit recorded an unprecedented trading volume of $830 million in just one hour on August 22, driven by sharp market volatility. The surge occurred at around 5:00 a.m. UTC and marked a significant increase from the previous day's activity.

XRP dominated trading on Upbit, accounting for 32.20% of the exchange's total volume, followed closely by Donald Trump's TRUMP memecoin with 10.93%. Tether's USDT represented another 8.39% of the activity.

The unusually concentrated activity coincided with a rapid reversal across global cryptocurrency markets, where Bitcoin pulled back sharply after rallying from $64,000 to nearly $79,500 earlier in the week.