Upbit Coin Order Book Resurges on Trump's Comment

▲ Bitcoin, XRP Rebound on Trump's Comment…Upbit Market Revived/AI Generated Image ©

Propelled by former U.S. President Donald Trump's sudden declaration of an indefinite extension of the Iran ceasefire, the frozen domestic virtual asset market has achieved a dramatic rebound. As geopolitical risks have eased, the suppressed preference for risk assets appears to be exploding.

As of 2:30 PM on the 22nd, Bitcoin, the leading cryptocurrency, is trading at 115,471,000 KRW on Upbit's KRW market, the top domestic virtual asset exchange, surging 2.14% from the previous day and leading a strong upward trend. Ethereum, the leading altcoin, also added vitality to the market, rising 2.64% to 3,540,000 KRW. Major top market capitalization assets, XRP (Ripple) and Solana, also settled at 2,153 KRW (up 1.41%) and 130,100 KRW (up 2.04%) respectively, all posting strong gains.

The Upbit Composite Index (UBMI), which reflects the overall trend of the virtual asset market, rose 1.85% to 11,758.00, while the Altcoin Index (UBAI) climbed 2.06% to 3,177.94, confirming the widespread bullish market. The recovery in investor sentiment is also clearly evident in increased trading volume. According to statistics from CoinGecko, a virtual asset market data aggregation site, Upbit's 24-hour trading volume increased by 4.5% compared to the previous day during the same period, indicating a significant flow of funds back into the market.

The main driving force behind this rapid rebound is the easing of war fears originating from the Middle East. Investor sentiment, which had been suppressed by the breakdown of the second round of peace talks between the US and Iran, reversed 180 degrees after President Trump declared an 'indefinite extension of the Iran ceasefire.' With extreme escalation scenarios ruled out, it is interpreted that investors, who had maintained a cautious wait-and-see attitude due to anxiety, have now shifted to aggressive buying.

Moving forward, the market is expected to seek further upward rallies, leveraging the macroeconomic positive of the ceasefire extension. Having overcome the major hurdle of geopolitical uncertainty stemming from the Middle East, investors' attention is once again shifting towards the inherent fundamentals of virtual assets and internal drivers such as institutional capital inflow through spot Exchange Traded Funds (ETFs). However, as variables remain until a complete peace agreement is reached, a flexible investment strategy is required to maintain a positive trend while preparing for unexpected issues.

*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.*