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▲ Upbit, Bitcoin, XRP ©
U.S. President Donald Trump's surprise declaration of an 'extended truce,' which defused the crisis of an all-out war between the United States and Iran, shook global financial markets. Amid relief that the geopolitical trigger had been removed, the New York stock market rallied to new all-time highs, while the suppressed domestic virtual asset market also staged a powerful concurrent surge (coupling), perfectly reviving investor sentiment.
As of 6:03 AM on the 23rd, according to Upbit's KRW market, the largest virtual asset exchange in Korea, the leading cryptocurrency Bitcoin surged 2.81% from the previous day, trading at 116,229,000 KRW. Just a few days ago, the order book, which was weighed down by war fears, turned red with relentless buying pressure. Ethereum, the leading altcoin, also rose 2.70% to 3,542,000 KRW, steadily leading the market.
In addition, other major virtual assets by market capitalization also uniformly joined the bullish trend. XRP (Ripple) rose 0.24% to 2,128 KRW, and Solana increased by 1.18% to 129,000 KRW. A clear upward trend across the market is also confirmed by the indices. At the same time, the Upbit Composite Index (UBMI), which indicates the overall trend of the virtual asset market, jumped 2.16% from the previous day to 11,794.01, and the Upbit Altcoin Index (UBAI) rose 1.63% to 3,164.56, signaling a clear entry into a bull market.
The explosive recovery in investor sentiment led to a surge in trading volume. According to data from the global market tracking site CoinGecko, Upbit's 24-hour trading volume at this time surged a whopping 73.2% from the previous day, proving that massive liquidity is once again being supplied to the market.
This concurrent rally in the crypto market aligns with the 'relief rally' that swept the New York stock market overnight. On the 22nd (local time), the Dow Jones Industrial Average rose 0.69%, followed by the S&P 500 Index (1.05%) and the Nasdaq Composite Index (1.64%), all hitting new all-time closing highs. President Trump's declaration of an extended truce just before the expiration of the ceasefire with Iran, and the White House's official statement of an "indefinite extension without a set deadline," fueled market confidence that diplomacy would take precedence over conflict, igniting investor sentiment.
Experts diagnose that investors have finally begun to shake off the extreme fear regarding the Middle East situation. Just a week ago, market participants, fearing downside risk, held cash and observed from the sidelines, but now they perceive 'not being able to ride the bull market (FOMO)' as the biggest risk factor and are eager to acquire risk assets, according to analysis.
The virtual asset market is expected to maintain a steady upward curve for the time being, buoyed by favorable macroeconomic conditions. As the biggest macroeconomic headwinds that had been weighing down the stock and coin markets have subsided, the market's attention is expected to shift back to internal fundamentals, such as Bitcoin spot ETF capital inflows, attempting to break through additional resistance levels.
*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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