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Major Coins Decline Together Amidst Sharp Drop in Upbit Trading Volume…Market 'Frozen' Due to Negotiation Breakdown
▲ Major coins decline on Upbit…Trading volume decreases amidst negotiation breakdown/AI generated image
According to Upbit as of 8:54 PM on April 12th, Bitcoin (BTC) traded at 106,525,000 won, down 1.88% from the previous day. Ethereum (ETH) fell by 3.18% to 3,284,000 won, and XRP (Ripple) dropped by 1.24% to 1,989 won. Solana (SOL) also fell by 2.78% to 122,600 won, with major coins all showing a bearish trend.
The Upbit Composite Index fell by 1.74% to 10,995.11, and the Altcoin Index dropped by 2.42% to 2,969.92, accurately reflecting the overall downward pressure on the market. The Bitcoin group and Ethereum group also fell by 1.88% and 3.18% respectively, clearly showing a contraction in investor sentiment.
Behind this downward trend lies the geopolitical risk of a breakdown in peace talks between the United States and Iran. The two countries held marathon negotiations for about 21 hours but failed to reach an agreement, unable to narrow differences on key issues such as the Strait of Hormuz and nuclear-related matters. Deep distrust was confirmed even during the negotiation process, indicating that the market has shifted back to 'risk-off mode'.
Compounding this, the characteristic weekend liquidity reduction further sharply contracted buying sentiment. According to CoinGecko data, Upbit's 24-hour trading volume at the same time was approximately 715.65 million dollars, a decrease of 14.1% compared to the previous day. With funds that would drive the market pulling out, prices are falling and trading volumes are decreasing, a typical 'cooling off' market is emerging.
Structurally, the market's upward momentum has also weakened. Bitcoin pulled back from its intraday high of 108,765,000 won, breaking its short-term upward trend, and Ethereum and major altcoins also declined together, strengthening risk aversion across all risky assets. It is also notable that most coins are under downward pressure, with the exception of a few.
The future direction of the market once again depends on the negotiation table. A short-term rebound is possible if additional negotiations resume or signs of de-escalation emerge, but if the conflict is prolonged or military tensions escalate, further downward pressure is inevitable. Analysis suggests that the current market is likely to continue in a volatile state with low trading volumes until a clear direction is found.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. This content should be interpreted for informational purposes only.*
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