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▲ Upbit, Bitcoin, XRP, and Trump/AI Generated Image ©
The virtual asset market is finally showing signs of life amid expectations of a resumption of peace talks between the United States and Iran. Major large-cap cryptocurrencies, including Bitcoin (BTC), are showing a slight rebound across the board on Upbit, the largest domestic virtual asset exchange, indicating a recovery in investor sentiment.
As of 9:33 AM KST on the 3rd, Bitcoin, the leading cryptocurrency in Upbit's KRW market, is trading at 116,718,000 KRW, up 0.13% from the previous day. Ethereum (ETH) recorded 3,439,000 KRW, up 0.20%, and XRP (Ripple) also showed a 0.05% increase to 2,066 KRW, with all three so-called 'top 3' coins showing slight gains. Consequently, the Upbit Composite Index (UBMI), which reflects the overall market trend, also rose slightly by 0.12% from the previous day, reaching 11,768.20.
According to data from CoinGecko, a global cryptocurrency market data aggregator, Upbit's 24-hour trading volume has increased by 14.9% compared to the previous day, showing increased activity thanks to this positive sentiment.
This market rebound is primarily attributed to signs of easing geopolitical risks in the Middle East. Recently, Iran delivered a new 14-point peace negotiation proposal to the United States through mediator Pakistan. US President Donald Trump stated, "We will review the plan just sent to us soon," which stimulated risk asset preference sentiment, raising expectations that the stalled dialogue between the two countries could progress.
Amidst the stable movement of major large-cap coins, selective strength in some altcoins is also prominent. In Upbit's KRW market, Kyber Network (KNC) surged 8.16% to trade at 265 KRW, showing concentrated buying interest, while Orca (ORCA) and Bioprotocol (BIO) also rose by 1.10% and 0.47% respectively, invigorating the altcoin market. Notably, in terms of weekly gains, NKN and Bioprotocol (BIO) recorded surges of over 100%, forming distinct niche markets.
The direction of the virtual asset market this week is expected to be influenced by macroeconomic variables such as US employment figures. The market estimates that US non-farm payrolls in April will significantly slow to around 50,000, a substantial decrease from the previous month, and the unemployment rate will stabilize at 4.3%. If employment figures remain robust, concerns about stagflation amidst inflation could ease. However, due to the Federal Open Market Committee's (FOMC) lack of dovish bias, the probability of a benchmark interest rate freeze until the end of the year stands at 77.7%, making it difficult to expect an explosive positive factor like an early interest rate cut.
Amidst the conflicting sentiments of the stock market adage "Sell in May and go away" and the Trump administration's characteristic "year-end rally" expectations, the health of the upcoming employment market will likely be a critical turning point in determining whether Bitcoin will see further gains.
*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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