Upbit Coin Market Unfazed by Middle East Woes, Shows Unexpected Resilience

▲ Trump, Bitcoin, XRP... and Upbit/AI generated image ©

Although Middle East risks once again shook the market, major coins such as Bitcoin, Ethereum, and XRP unexpectedly managed to hold their ground on Upbit. Despite negative news originating from Trump, sell-off fears were limited, and the market continued a period of consolidation rather than showing a strong directional trend.

According to Upbit data as of 9:05 AM on May 12, Bitcoin (BTC) was trading at 120,179,000 KRW, up 0.07% from the previous day. The intraday high was 120,200,000 KRW, and the low was 120,011,000 KRW. Ethereum (ETH) rose 0.03% to 3,440,000 KRW, and XRP (Ripple) increased 0.18% to 2,173 KRW. Solana (SOL) maintained a slight upward trend at 143,100 KRW, while Dogecoin (DOGE) showed a stable trend at 163 KRW.

The Upbit Composite Index rose 0.06% to 12,107.21, and the Upbit Altcoin Index also increased by 0.04%, maintaining a weak rebound across the overall market. The Bitcoin Group Index rose 0.07%, and the Upbit30 Index increased by 0.06%. Market observers noted that despite U.S. President Trump's strong remarks against Iran, major coins held their ground without significant drops, suggesting that risk asset sentiment is more robust than expected.

The ongoing AI rally in the U.S. stock market was behind this strong upward trend. On the New York stock exchange, the S&P 500 and Nasdaq once again hit all-time highs, with buying interest continuing primarily in semiconductor and AI infrastructure-related stocks. The cryptocurrency market also appeared to be more sensitive to liquidity and the strong performance of tech stocks than to geopolitical risks. In particular, XRP and Ethereum successfully defended against drops, further boosted by recent expectations of institutional capital inflow.

In the altcoin market, some individual assets also saw sharp increases. Based on Upbit's weekly gains, Claypool (CPOOL/BTC) surged by 110.71%, while AhaToken (AHT/BTC) and Nervos (CKB/BTC) both rose by 100%. Gitcoin (GTC), BARD, and Sahara AI (SAHARA/BTC) also recorded strong gains. On the other hand, Upbit's 24-hour trading volume, according to CoinGecko, was approximately 1.18148 billion USD, a 19.9% decrease from the previous day, indicating a slight slowdown in overall market trading enthusiasm.

Moving forward, the market is highly likely to experience increased volatility again, depending on the release of the U.S. Consumer Price Index (CPI) and the developments in Middle East risks. However, in the Upbit market, Bitcoin is stably maintaining the 120 million KRW level, and XRP and Ethereum are also continuing their slight upward trend, suggesting that in the short term, a market sentiment of 'wait and see' might prevail over a sell-off dominance.

*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.*