Upbit Sees Record-Breaking Trading Volume as Bitcoin Surges

South Korea's largest cryptocurrency exchange, Upbit, saw a massive surge in trading volume last day, increasing by an astonishing 273%. This comes as Bitcoin (BTC) rallies on news of the U.S. Treasury Department's expanded debt buyback announcement.

The 24-hour trading volume processed by Upbit reached $1.84 billion, marking its highest daily volume since mid-March. XRP was the most-traded cryptocurrency on the platform, with over $418 million worth of trades.

Bithumb, South Korea's second-largest exchange, also saw a significant increase in volume, rising 132.9% to $934.9 million. XRP remained the top traded asset on this platform as well.

Min Jung, associate researcher at Presto Research, notes that Korean retail investors have historically been 'return-chasing' rather than 'asset-loyal.' This means they tend to follow market trends and invest in assets with high potential returns. With Bitcoin up 8.28% in the past 24 hours, trading at $78,554, it's likely that more capital will flow into crypto if the rally continues.