Coin trading volume briefly surged in early June... then froze as Bitcoin fell below $60,000 [Crypto Briefing]

[Financial News] Virtual asset trading volume this month has fallen to its lowest level of the year. It recovered somewhat early in the month on hopes that tensions in the Middle East would ease, but investor sentiment worsened amid concerns over further benchmark rate hikes. With crypto-related legislation also delayed, the market consensus is that the slump will continue for the time being.
According to CoinGecko on the 29th, trading value on the five major won-based markets in South Korea — Upbit, Bithumb, Coinone, Korbit and GOPAX — reached $43.32979 billion from the start of the month through the previous day. With only a few days left in the month, it appears likely to become the lowest level of the year. Last month’s trading value stood at $47.25093 billion.
Virtual asset trading value has been on a downward trend since the start of the year. This year’s monthly trading value has declined from $76.7878 billion in January to $84.15756 billion in February, $57.46704 billion in March, $52.98312 billion in April, $47.25093 billion in May and $43.32979 billion in June, as of the previous day.
In particular, June trading value reached $2.59761 billion on the 5th, but then gradually fell to $944.33 million the previous day. Trading activity briefly recovered around June 15, when the United States and Iran reached a ceasefire agreement, but it later weakened again as expectations grew that the Federal Reserve System could raise rates later this year, prompting a risk-off mood.
As a result, the broader virtual asset market, including Bitcoin, has remained stuck in a slump. Bitcoin fell 19.1% from the start of the month through the previous day. After dropping below $60,000 on the 24th, it has stayed in the $59,000 to $60,000 range through the 29th. Over the same period, Ethereum and Ripple fell 21.68% and 21.34%, respectively. Shares of Coinbase and Circle, the issuer of the dollar stablecoin, also fell 21.14% and 34.89% this month.
Park Sung-jae, a researcher at Shinhan Investment Corp., said, "Trading value has been declining steadily since February. This month’s trading volume is at its lowest level since July last year," adding, "Even if Bitcoin tries to rebound in the $60,000 to $64,000 range, it would be difficult to interpret that as a sign of a trend reversal unless trading volume rises along with it."
Experts expect the virtual asset slump to continue for now. That is because there is little policy momentum, at home or abroad, that could trigger a recovery in demand. U.S. Senator Cynthia Lummis of the Republican Party has set a legislative goal of advancing the Digital Asset Market Clarity Act next month, but strong opposition from the banking sector and the Democratic Party makes passage this year uncertain. In South Korea, the second-stage legislation for virtual assets, the General Act on Digital Assets, has also been delayed by the June 3 local elections and the reorganization of leadership in the second half of the 22nd National Assembly of the Republic of Korea.
Lee Jun-ho, a researcher at Hana Securities, said, "The likelihood of the Clarity Act passing this year is being revised downward. As disputes continue ahead of a Senate floor vote, including over ethics provisions related to President Donald Trump, the schedule has not been finalized," adding, "In South Korea, discussions on the second stage of the General Act on Digital Assets resumed on the 22nd. However, no venue has yet been arranged to narrow the gap in views between the FSC and the Bank of Korea."
[email protected] Lim Sang-hyeok Reporter