Trump: "Dealing with Iran is a waste of time"…Upbit cryptocurrency plunges

Upbit also 'stumbles'…Bitcoin collapses below 93 million won, altcoin sell-off spreads due to Middle East risk

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

As global investor sentiment rapidly froze due to the rekindling of armed conflict between the US and Iran, the domestic cryptocurrency market also plunged. On Upbit, Bitcoin fell below 93 million won, and major altcoins uniformly showed a 2-8% decline, clearly indicating a risk-off sentiment.

According to Upbit data as of 5:50 PM on the 8th, Bitcoin traded at 92,928,000 won, down 2.10% from the previous day. It showed weakness, falling to 92.63 million won during the day, and its 24-hour trading volume recorded approximately 95.097 billion won. Ethereum fell by 2.04% to 2,599,000 won, Solana by 4.14% to 115,900 won, and Ripple by 2.94% to 1,618 won. Selling pressure was concentrated on small and medium-sized altcoins, with Open Campus plunging 6.77%, Blur 5.63%, Chain Bounty 6.25%, and Agent Block 8.46%.

The overall Upbit market could not escape the weakness. The Upbit Composite Index fell by 1.89% to 9,657.35, the Upbit Altcoin Index by 2.47% to 2,453.90, the Upbit10 Index by 2.32%, and the Upbit30 Index by 2.30%. The Bitcoin Group and Ethereum Group also fell by 2.10% and 2.03% respectively, indicating a rapid contraction in overall market investor sentiment.

The background of this plunge is attributed to geopolitical risks in the Middle East. US President Donald Trump stated today, "The memorandum of understanding (MOU) for ending the war with Iran seems to be over," and "Dealing with them is a waste of time," effectively signaling the breaking of the ceasefire. Previously, the US conducted airstrikes on over 80 targets in Iran in response to the tanker attacks in the Strait of Hormuz, and Iran retaliated by striking 85 US military facilities in Kuwait and Bahrain. As geopolitical tensions escalated again, international oil prices rose and the dollar strengthened, expanding selling pressure on the cryptocurrency market, a risk asset.

In the short term, the situation in the Middle East is considered the most critical variable. If the ceasefire effectively fails and armed conflict prolongs, investors' risk-off sentiment is likely to strengthen further. Conversely, if concerns about escalation ease and international oil prices and the dollar stabilize, there is a possibility that dip-buying, mainly centered on Bitcoin, could flow in to recover losses. The domestic market is also expected to show high sensitivity to global macroeconomic variables and geopolitical news for some time.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*