US Senate Vote D-1, Reasons Upbit Investors Can't Sleep Tonight

[Market Briefing] Upbit's Big Three on Alert, Bitcoin on the Verge of Recapturing 120 Million Won... Investor Sentiment Explodes on 'Regulatory Tailwind'

▲ Upbit Coin/AI Generated Image ©

On May 13th, the domestic cryptocurrency market is experiencing a fervent upward trend, with so-called 'leading assets' showing a strong collective rally. Movements towards regulatory easing from the US and news of continuous accumulation by large institutions are strongly stimulating the sentiment of domestic investors.

1. Upbit Market Status: BTC·ETH·XRP 'Big Three' All Show Strong Momentum

According to Upbit, the largest cryptocurrency exchange in Korea, as of 5:32 PM on the 13th, the market is showing a clear upward curve, centered around major virtual assets.

Bitcoin (BTC): Recorded 119.83 million won, up 0.53% from the previous day, and is on the verge of recapturing the long-awaited 120 million won mark. The daily high surged to 120.339 million won, demonstrating strong buying power.

Ethereum (ETH): Trading at 3.404 million won, up 0.92%, showing a steeper rise than Bitcoin.

XRP (Ripple): Ripple also rose by 1.41% to 2,160 won, taking the top spot in Upbit's trading volume (approximately 156.1 billion won) and emerging as a market leader.

Upbit's overall indices also rose across the board. The Upbit Market Index (UBMI) increased by 0.56%, and the Altcoin Index (UBAI) rose by 0.95%, indicating a general warming trend across the market. Meanwhile, according to global market data aggregator CoinGecko, Upbit's 24-hour trading volume was approximately $990.36 million, a slight decrease of about 8.6% from the previous day, showing a period of consolidation.

2. Background of the Uptrend: "Fear is Over" Expectations for Institutional Integration

The prevailing analysis is that the recent upward trend is due to 'structural confidence recovery' beyond a mere technical rebound.

CLARITY Act Expectations: As the U.S. Senate Banking Committee prepares to review the CLARITY Act, which establishes legal standards for the cryptocurrency market, expectations for resolving regulatory uncertainty have reached their peak.

Institutional 'Full Buy': Giants like BlackRock's IBIT securing nearly 4% of Bitcoin's total supply and Strategy additionally accumulating $43 million worth are solidifying price defense and downward rigidity.

Emergence as an Inflation Hedge: Despite higher-than-expected US CPI (Consumer Price Index) figures, Bitcoin has held strong, re-emphasizing its value as a real inflation-defense asset.

3. Future Outlook: "The May 14th Vote is a Turning Point of Destiny"

The market's attention is now focused on the outcome of the CLARITY Act review, scheduled for May 14th, US local time.

Optimistic View: If the bill passes smoothly, there's a bold prediction that Bitcoin could instantly break through 120 million won (approximately $90,000) and potentially usher in an era of 150 million won by year-end. XRP, in particular, is expected to be the biggest beneficiary, completely shedding its securities controversy.

Cautious View: However, the thick resistance wall around 120 million won and oil price volatility due to geopolitical risks remain significant variables. In the short term, the possibility of a minor correction due to profit-taking should also be considered.

In conclusion, the current Upbit market appears to have fully moved past the fear zone and entered a phase of 'uptrend with conviction.' As institutional entry and regulatory improvements align, attention is drawn to whether a major bull market can fully take off starting this Thursday.

*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.*