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▲ Upbit, Bitcoin, XRP, and Trump/AI Generated Image ©
The virtual asset market is finally stretching its wings, fueled by expectations for the resumption of peace talks between the U.S. and Iran. At Upbit, the largest virtual asset exchange in Korea, major large-cap cryptocurrencies, including Bitcoin (BTC), have all shown a slight rebound, signaling a recovery in investor sentiment.
As of 9:33 AM KST on the 3rd, Bitcoin, the leading cryptocurrency in Upbit's KRW market, is trading at 116,718,000 won, up 0.13% from the previous day. Ethereum (ETH) is recording 3,439,000 won, up 0.20%, and XRP (Ripple) is also showing 2,066 won, up 0.05%, with all three so-called 'top 3' coins maintaining a slightly bullish trend. Accordingly, the Upbit Market Index (UBMI), which shows the overall market flow, also slightly rose by 0.12% from the previous day to 11,768.20.
According to data from CoinGecko, a global cryptocurrency market data aggregator, Upbit's 24-hour trading volume has increased by 14.9% compared to the previous day, showing increased vitality, thanks to this positive sentiment.
This market rebound is primarily attributed to signs of easing geopolitical risks in the Middle East. Recently, Iran delivered a new 14-point peace negotiation proposal to the United States through mediator Pakistan. U.S. President Donald Trump stated that he would "soon review the plan just sent to us," stimulating risk asset preference sentiment due to expectations that the stalled dialogue between the two countries could progress.
Amidst the stable flow of major large-cap cryptocurrencies, selective strength in some altcoins is also prominent. In Upbit's KRW market, Kyber Network (KNC) surged 8.16% to trade at 265 won, attracting significant buying interest, while Orca (ORCA) and Bio Protocol (BIO) also rose by 1.10% and 0.47% respectively, injecting vitality into the altcoin market. Notably, based on weekly gains, NKN (NKN) and Bio Protocol (BIO) recorded explosive surges of over 100%, forming distinct niche markets.
The direction of the virtual asset market this week is expected to be influenced by macroeconomic variables such as U.S. employment figures. The market estimates that U.S. non-farm payrolls in April will significantly slow to around 50,000 compared to the previous month, and the unemployment rate will stabilize at 4.3%. If employment figures remain robust, stagflation concerns might ease despite inflation. However, with the Federal Open Market Committee (FOMC) lacking a dovish bias, the probability of interest rates remaining frozen until year-end reaches 77.7%, making it difficult to expect an explosive positive catalyst like an early rate cut.
Amidst the conflicting sentiments between the stock market adage 'Sell in May and go away' and the Trump administration's characteristic 'year-end rally' expectations, the health of the upcoming employment market is likely to be a critical turning point in determining whether Bitcoin will see further gains.
*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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