Upbit Buying Sentiment Revived…Middle East Variable Shakes Early Morning Coin Market

▲ Upbit, Coin/AI generated image ©

As Bitcoin (BTC) recovers the 115 million won mark and XRP (Ripple) and Ethereum (ETH) also rebound, the Upbit market is once again showing a preference for risk assets. However, despite the increase in trading volume, it still remains below $1 billion, indicating that investor sentiment has not fully recovered.

According to Upbit data as of 6:49 AM on May 22, Bitcoin was trading at 115,233,000 won, up 0.25% from the previous day. Ethereum rose 0.35% to 3,166,000 won, and XRP also increased by 0.59% to 2,040 won. The Upbit Composite Index rose 0.40% to 11,594 points, and the Upbit Altcoin Index also climbed 1.05%, showing a rebound in major altcoins. The Upbit 30 Index also increased by 0.56%, indicating a generally firm trend across the market.

The background for this rebound is attributed to the anticipation of progress in negotiations between the United States and Iran. The New York stock market closed higher the previous day, bolstered by falling international oil prices and stable US Treasury yields. The Dow Jones Industrial Average rose 0.55%, hitting another all-time high, while the S&P 500 and Nasdaq also gained 0.17% and 0.09%, respectively. The market believes that the potential easing of Middle East risks has restored investor confidence in risk assets, positively impacting the cryptocurrency market.

In particular, the decline in international oil prices is seen as having shifted market sentiment. Brent crude fell to around $102 per barrel, and West Texas Intermediate (WTI) also dropped to the $96 range. The US 10-year Treasury yield also stabilized at around 4.55%, slightly easing concerns about tightening. As the cryptocurrency market has recently been sensitive to liquidity and interest rate trends, it is analyzed that macroeconomic stability has served as a catalyst for Bitcoin and Ethereum's rebound.

However, within the market, a 'selective market' trend continues. Top weekly gainers on Upbit included Pearl (PRL), KernelDAO (KERNEL), Sert (PROVE), and Pharos (PROS), with OriginTrail (TRAC) showing strength due to its recent Upbit listing. In contrast, some small and medium-sized altcoins have not yet escaped their bearish trends. In Upbit's KRW market, trading was concentrated around major assets such as Ondo Finance (ONDO), Sui (SUI), and Dogecoin (DOGE).

According to CoinGecko, Upbit's 24-hour trading volume increased by 24.7% from the previous day, reaching approximately $817.64 million. While trading volume showed a recovery, it still remained below $1 billion, leading to continued caution in the market regarding whether it has entered a full-fledged bull market. The market views future US Personal Consumption Expenditures (PCE) price index data and the flow of US-Iran negotiation news as key variables determining short-term direction. While there is an outlook that further upward attempts are possible if Bitcoin stably recovers the 116 million won level, analysis also warns against potential increased volatility if geopolitical risks expand again.

*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.*