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Upbit's trading volume also collapsed below 1 trillion won…Investor sentiment 'frozen' as Bitcoin falls below 93 million won
▲ Upbit coin market, investor sentiment rapidly cooling/AI generated image ©
As global risk-off sentiment due to rising tensions between the U.S. and Iran swept the cryptocurrency market, Upbit's trading volume even fell below 1 trillion won. Bitcoin gave up the 93 million won line, and major altcoins also fell across the board, showing a rapid contraction in investor sentiment.
According to Upbit as of 6:31 AM KST on July 9, Bitcoin traded below 93 million won at 92,788,000 won, down 2.25% from 24 hours ago. Ethereum fell 2.34% to 2,591,000 won, XRP (Ripple) fell 2.58% to 1,624 won, Solana fell 4.55% to 115,400 won, Dogecoin fell 3.57% to 108 won, and Stellar Lumens fell 4.59% to 270 won. The Upbit Composite Index fell 2.10%, the Upbit Altcoin Index fell 2.67%, the Upbit10 Index fell 2.53%, and the Upbit30 Index fell 2.49%, indicating a general market weakness.
Trading volume, which best reflects investor sentiment, also contracted significantly. According to Upbit Datalab, the 24-hour trading volume was 974.127 billion won, falling below 1 trillion won, and the daily trading volume was only 910.337 billion won. Amid the ongoing drought in trading volume, the decrease in trading volume shows that investors' wait-and-see attitude is deepening. XRP accounted for the highest share of 24-hour trading volume at 11.05%, followed by Bitcoin at 10.23%, Solstice at 6.74%, Ethereum at 6.34%, and Tether at 5.97%.
The bearish market on this day was greatly influenced by external variables. As military tensions between the U.S. and Iran escalated again, the New York stock market closed mixed, with the Dow Jones Industrial Average falling 1.09% and the S&P 500 index falling 0.28%. International oil prices surged more than 5%, and inflation concerns were reconfirmed in the Federal Open Market Committee (FOMC) minutes, increasing the possibility of additional interest rate hikes by the U.S. Federal Reserve (Fed). It is interpreted that the cryptocurrency market also showed a simultaneous weakness as risk asset preference sentiment weakened.
However, not all assets showed weakness. On Upbit's weekly top gainers, Venice Token (VVV) surged 674.66% to rank first, followed by Fluent (BLEND) at 142.37%, Moonbird (BIRB) at 100.00%, zkSync (ZK) at 37.50%, and Kaito (KAITO) at 36.50%. Although the overall market was stagnant, a selective market continues where funds are still concentrated on certain themes and individual assets.
In the short term, Bitcoin's ability to hold support around 92 million won is considered a key market variable. A technical rebound can be expected if geopolitical risks in the Middle East ease and concerns about U.S. tightening subside, but if the decrease in trading volume continues and risk-off sentiment persists, the possibility of increased volatility for Bitcoin and major altcoins cannot be ruled out. For the time being, the market is expected to closely monitor news related to the Middle East, U.S. monetary policy, and the recovery of Upbit's trading volume.
*Disclaimer: This article is for investment reference only and does not take responsibility for investment losses based on it. The content should be interpreted for informational purposes only.*
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