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▲ Major coins on Upbit fall/AI generated image ©
In the Upbit market, major coins such as Bitcoin, Ethereum, and XRP all experienced declines, but some altcoins saw strong buying pressure, continuing a 'selective bullish market' trend.
According to cryptocurrency media outlet CoinGecko and Upbit data on May 8 (local time), as of 6:18 AM KST, Bitcoin (BTC) was trading at 117.8 million KRW on the Upbit KRW market, down 1.34% over 24 hours. Ethereum (ETH) fell by 2.09% to 3.38 million KRW, and XRP (Ripple) dropped by 2.20% to 2,043 KRW. The Upbit Altcoin Index fell by 1.64%, and the Upbit10 Index by 1.62%, indicating an overall bearish trend.
The backdrop to the market's weakness was the renewed geopolitical risk in the Middle East. As the prospects for progress in armistice negotiations between the U.S. and Iran became unclear, the New York stock market gave back its intraday gains and closed lower, and investor sentiment for risk assets also sharply contracted. The Wall Street Journal (WSJ) reported that a senior Iranian official stated that Iran would not tolerate the U.S.'s unilateral reopening and withdrawal from the Strait of Hormuz. Simultaneously, reports that the U.S. is considering reactivating 'Project Freedom' further heightened market tensions.
In particular, profit-taking from semiconductor stocks, which recently led the AI rally, also weighed on the cryptocurrency market. AMD fell by 3.10%, Intel by 3.00%, and Micron by 2.97%, while British semiconductor design company Arm plummeted by 10.1%. As risk aversion sentiment grew, selling pressure is understood to have spread to major coins, including Bitcoin.
However, the market as a whole was not in a collapse. Among the top weekly gainers on Upbit were FLOCK, Jito, Reserve Rights, Centrifuge, and Pendle, continuing the selective altcoin bullish trend. In the Upbit KRW market, individual stock performance was prominent, with Jito rising by 43.94%, FLOCK by 16.49%, and Ondo Finance by 8.42%.
According to CoinGecko, Upbit's 24-hour trading volume was approximately $1.26073 billion, an increase of 2.3% from the previous day. The market views whether Bitcoin can maintain the 117 million KRW level as a key variable determining its short-term direction. If this level breaks, further correction is possible, but there are also predictions that risk asset preference could revive if Middle East risks ease and the rebound in U.S. tech stocks resumes.
*Disclaimer: This article is for investment reference only and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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