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▲ Upbit Market Trends: Why did Bitcoin, XRP, Ethereum all hesitate together? Is it a simple correction or a trend reversal?/AI Generated Image ©
As the U.S. stock market and cryptocurrency market showed a synchronous decline, the domestic virtual asset market also froze again. Bitcoin barely maintained the 95 million won level, but major altcoins fell across the board, and Upbit's 24-hour trading volume once again fell below 1 trillion won, clearly indicating a contraction in investor sentiment. OpenGraint (OPG), which was listed the previous day, repeatedly surged and plunged, increasing volatility.
According to Upbit as of 7:08 AM on the 8th, Bitcoin traded at 95,047,000 won, down 1.03% from the previous day. It rose to 96,512,000 won during intraday trading but at one point fell to 94,101,000 won, threatening the 95 million won level. Major altcoins also showed overall weakness, with XRP (Ripple) falling 2.74% to 1,670 won, Ethereum falling 1.41% to 2,664,000 won, Solana falling 1.46% to 121,100 won, and Lee falling 3.54%.
According to Upbit Datalab, the 24-hour trading volume on this day was recorded at 909.92 billion won, once again falling below 1 trillion won. The day's trading volume also remained at 861.716 billion won, indicating continued investor wait-and-see sentiment. The 24-hour trading share was Bitcoin 10.74%, XRP (Ripple) 10.64%, Ethereum 6.62%, Tether 5.87%, and Blur 5.27%. The Upbit Composite Index fell 1.14% to 9,855.56, the Upbit Altcoin Index fell 1.98% to 2.50, Upbit10 fell 1.46%, the Bitcoin Group fell 1.04%, and the Ethereum Group fell 1.41%, indicating an overall market weakness.
The backdrop for the market's weakness was a sharp decline in the U.S. stock market and geopolitical risks in the Middle East. On the 7th (local time) in the New York stock market, the Dow Jones Industrial Average fell 0.25%, the S&P 500 index fell 0.45%, and the Nasdaq fell 1.16%. Semiconductor stocks including Intel and Micron plummeted, and international oil prices surged by around 3% due to news of ship attacks in the Strait of Hormuz and strengthened U.S. sanctions on Iranian oil, leading to a spread of risk aversion. In addition, rising U.S. Treasury yields and a stronger dollar further contributed to selling pressure in the cryptocurrency market.
CoinMarketCap also analyzed that the total cryptocurrency market capitalization decreased by 1.27% over 24 hours on the same day, shrinking to $2.18 trillion. The geopolitical shock from the U.S. withdrawal of waivers for Iranian oil exports acted as the direct cause of the market decline, and the liquidation of approximately $54 million in Bitcoin long positions amplified the decline. The Fear & Greed Index remained in the 'Fear' zone at 28, indicating that investor sentiment is still suppressed.
Among individual assets, OpenGraint (OPG), which was listed on Upbit the previous day, received the most attention. OPG, which surged immediately after listing, fell sharply by 18.88% to 189 won in just one day, showing extreme volatility. Its trading volume was approximately 43.75 billion won, ranking high after Bitcoin, XRP, and Ethereum, but a significant portion of its gains were returned due to a flood of short-term profit-taking sales.
Experts believe that in the short term, macroeconomic variables and geopolitical tensions will determine the market direction. CoinMarketCap analyzed that if the total cryptocurrency market capitalization maintains the $2.15 trillion support level, it could attempt a rebound to $2.21 trillion, but if that level breaks, there is a possibility of further correction to $2.09 trillion. In the domestic market, it is also highly likely that a limited rebound will continue until Upbit's trading volume recovers to 1 trillion won again and investor sentiment in the U.S. stock market stabilizes.
*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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