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Upbit's trading volume collapses below 1 trillion won…Bitcoin's 92 million won is even threatened
▲ Upbit coin market, investment sentiment rapidly cooling/AI generated image ©
As Bitcoin plummeted below 92 million won during intraday trading and Upbit's trading volume fell below 1 trillion won, the domestic cryptocurrency market has frozen again ahead of the U.S. Federal Open Market Committee (FOMC).
At 7:44 AM on the 29th, Bitcoin (BTC) was trading at 92.77 million won on Upbit, the largest cryptocurrency exchange in Korea, down 0.40% from the previous day. The intraday high was limited to 93.285 million won, while the low fell to 91.5 million won, briefly breaking the 92 million won mark. Bitcoin's 24-hour trading volume was approximately 99.1 billion won. At the same time, Ethereum (ETH) rose 0.61% to 2.782 million won, but XRP (Ripple) fell 0.64% to 1,548 won, and Solana (SOL) dropped 1.20% to 107,200 won.
The overall Upbit market was also dominated by weakness. The Upbit Composite Index fell 0.35% to 9,605.51, while the Bitcoin Group Index dropped 0.41%, the Upbit10 Index 0.13%, and the Upbit30 Index 0.16%. In contrast, the Ethereum Group Index rose 0.57%, and the Altcoin Index remained flat, indicating a differentiated market where funds were concentrated in only a few specific assets rather than spreading across the entire market.
The surge in individual altcoins continued. On a weekly basis, SOON rose 64.58%, ZAMA 49.91%, and PROS 24.45%. KAITO gained 18.97%, ZBT 16.08%, and RE 14.21%. However, in today's trading, SOON increased 14.16%, LA 3.42%, and ONDO 2.60%, while KAITO fell 8.24%, EUL 5.34%, and SHIB 4.67%. As the overall market direction weakens, only a few assets with short-term catalysts are seeing rotational surges.
The backdrop to the weakness was the adjustment in U.S. tech stocks and FOMC caution. On the 28th, in the New York stock market, the Dow Jones Industrial Average rose 1.03% due to strong earnings from Coca-Cola and Sherwin-Williams, and the S&P 500 Index also gained 0.21%, but the Nasdaq Composite Index fell 0.22%. The Philadelphia Semiconductor Index plunged 4.5%, with Micron dropping 8.9%, AMD 8.2%, and SK Hynix American Depositary Receipts falling 8.98%. The cryptocurrency market, which has strong characteristics as a risk asset, was also not immune to concerns about slowing investment enthusiasm in AI and semiconductors. Brent crude fell 4.8% to $84.09, and U.S. West Texas Intermediate crude dropped 4.1% to $79.26, but the effect of oil price stabilization on improving investor sentiment was limited.
Market strength also weakened. According to Upbit Datalab, the 24-hour trading volume decreased by 10.41% from the previous day to 966.81 billion won, falling below 1 trillion won, and the day's trading volume was only 861.931 billion won. The trading volume breakdown was USDT 13.22%, XRP 11.12%, Bitcoin 10.27%, Ethereum 6.87%, and EUL 4.35%. The future direction depends on the FOMC outcome on the 29th. With about a 70% probability of interest rate freeze reflected, if a more hawkish message than expected emerges, Bitcoin risks retesting its intraday low of 91.5 million won and potentially falling to the 90 million won level. Conversely, if an interest rate freeze and dovish signals are confirmed, coupled with the effect of falling oil prices, a short-term rebound may be attempted. However, it is too early to consider it a full trend reversal unless the trading volume recovers to 1 trillion won and Bitcoin stabilizes in the 93 million won range.
*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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