Trading volume on Upbit is down sharply as the new Virtual Asset Law came into effect on 19th July 2024.
Here is the chart:
Just prior to when the new regulations came into effect, trading volume hit $2.5 billion, as people hurriedly sold the last of their small tokens for cash in Korean Won. Trading volume is now in the $1.4 bn to $1.7 bn range.
Other Korean exchanges like Bithumb and Coinone are seeing similar drops.
The new crypto laws are designed to protect users, but what spooked traders was the requirement for exchanges to assess listed coins every quarter and start delisting coins deemed to be scammy or risky.
We shall find out by September whether Hive and Steem have passed the tests. Given Korea is such a big market for both Hive and Steem trading, I don't think the price will recover till they pass the first tests.