Dollar-based cryptocurrency exchanges are showing signs of recovery, recording $279 billion in trading volume last month. Coinbase, Kraken, and Crypto.com are leading the charge, but the U.S. Commodity Futures Trading Commission's (CFTC) clarification of regulations on foreign exchanges has emerged as a new variable.
It's noteworthy that US traders account for over 10% of global trading volume, despite regulatory constraints. With Binance and Bybit processing $850 billion this month alone, yet inaccessible to US users, this underscores the scale of market restructuring that could occur if regulatory changes occur.
The market is already reacting to the changes. The drop in the price of the Hyperliquid (HYPE) token on the prospect of Binance re-entering the US market illustrates the impact a return to centralized exchanges would have on the decentralized ecosystem.
The Korean market faces both opportunities and challenges. With the expansion of global liquidity, the kimchi premium structure is expected to change, and domestic exchanges like Upbit and Bithumb must prepare for intensifying competition.
The industry anticipates that the clarification of US regulations will mark a new turning point for the global cryptocurrency market.
