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Upbit Coin Market Brightens Amid US Stock Market Boom and Oil Price Drop... Bitcoin Surpasses 115 Million Won
▲ Upbit, Bitcoin, XRP ©
The domestic virtual asset market is experiencing a renewed tailwind, driven by the New York stock market's record highs and the easing of geopolitical risks in the Middle East. At Upbit, the largest domestic virtual asset exchange, major altcoins are showing a clear upward trend, led by the flagship cryptocurrency Bitcoin (BTC).
As of 8:43 AM on the 2nd, Bitcoin is trading at 115,904,000 Korean Won on Upbit's KRW market, up 1.84% from the previous day, showing strong rebound momentum. Following the flagship's rally, major coins also turned green across the board. Ethereum (ETH) rose 0.98% to 3,401,000 Won, XRP (XRP) increased by 0.93% to 2,056 Won, Dogecoin (DOGE) jumped 1.27% to 160 Won, and Solana (SOL) climbed 0.49% to 124,300 Won.
The overall market's trading volume has somewhat decreased. According to CoinGecko data, a virtual asset market tracking site, Upbit's 24-hour trading volume at the same time decreased by 18.2% compared to the previous day, reflecting a strong wait-and-see attitude among investors.
However, despite the overall decrease in trading volume, a 'selective market' where buying interest is concentrated on specific altcoins is very evident. According to Upbit's weekly gain data, NKN surged by an astonishing 145.45% to take first place, ORCA rose by 113.07%, and GAME2 climbed by 100.00%, with the trading volumes of some altcoins skyrocketing and attracting market attention.
The key background to this coin market rebound is undoubtedly the rally in the New York stock market. On the 1st (local time), Apple announced 'surprise earnings' that exceeded market expectations, causing its stock price to surge by 3.24%. The Magnificent Seven (M7) companies demonstrated robust profit generation capabilities based on the artificial intelligence (AI) industry. As a result, the tech-heavy Nasdaq index broke the 25,000 mark for the first time on a closing basis, and the S&P 500 index also set a new record high for two consecutive days at 7,230.12, strongly stimulating risk asset preference.
Furthermore, news that Iran delivered a new negotiation proposal to the US for ending the war via Pakistan raised expectations for easing Middle East risks. Consequently, international oil prices (WTI standard) plummeted by 2.98%, significantly alleviating inflation concerns that had been dragging down the macroeconomy. Ryan Detrick, Chief Market Strategist at Carson Group, positively predicted, "With stronger-than-expected corporate earnings continuing, there is a possibility that April's upward momentum will persist into May."
However, there are also voices cautioning against premature optimism. This is because former U.S. President Donald Trump has maintained a firm stance, stating that he is "not satisfied" with Iran's new negotiation proposal. Depending on the progress of future peace negotiations between the US and Iran and the results of global economic indicators, the price volatility of major coins on Upbit could increase again, requiring investors to approach the market cautiously.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*
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