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Hormuz Re-closure Amidst Iran's Internal Strife...Upbit's Top 3 Coins All Show 'Red Light', Clear Weekend Wait-and-See Mood
▲ Ships anchored and stopped in the Strait of Hormuz
As serious internal conflicts in Iran surrounding the re-closure of the Strait of Hormuz emerged, the second round of peace talks with the United States plunged into a deep fog. As geopolitical uncertainty reached its peak, major virtual assets, including the leading cryptocurrency Bitcoin, on Upbit, the nation's largest virtual asset exchange, all showed a downward trend, intensifying the weekend's wait-and-see market.
As of 4:22 PM on the 19th, according to Upbit's KRW market, Bitcoin (BTC) is trading at 111,578,000 KRW, down 0.71% from the previous day. Even the buying power that briefly supported the 112 million KRW mark in the morning weakened, showing a gradual downward curve.
Ethereum (ETH), the leading altcoin, is also hovering at 3,436,000 KRW, down 1.52%. Major coins with high market capitalization, such as XRP (Ripple), recorded 2,111 KRW, down 0.66%, and Solana (SOL) recorded 126,000 KRW, down 1.56%, indicating that the overall market cannot escape weakness.
Market contraction is clearly evident in the sharp drop in trading volume. According to data from CoinGecko, a global virtual asset market tracking site, Upbit's 24-hour trading volume at the same time was approximately $1.07407 billion (about 1.47 trillion KRW), a 21.9% decrease from the previous day. As geopolitical risks remained unresolved heading into the weekend, investors appear to be avoiding active trading, holding cash, and closely monitoring the market.
The fundamental cause of this downturn is Iran's 're-closure of the Strait of Hormuz,' which was reversed in just one day, and the internal rifts within Iran's ruling class surrounding it. Initially, Iranian Foreign Minister Abbas Araghchi declared a temporary opening of the strait, sending a positive signal for peace talks, but hardliners in the military, including the Islamic Revolutionary Guard Corps (IRGC), who hold power, immediately opposed it and proceeded with the re-closure. The severe discord between moderates and hardliners is fueling skepticism that it will be difficult to reach a substantive agreement even if a second round of talks with the United States takes place.
Experts point out that even if the Iranian government desires an agreement, if it faces opposition from hardliners who control actual military power, there is a risk not only of failing to extend the ceasefire but also of escalation. With the US-Iran ceasefire deadline approaching on the 21st, if no breakthrough is reached between the two countries over the weekend, the virtual asset market could experience a severe correction next week, with buying sentiment completely crushed.
As Upbit's order book is expected to show extreme volatility in response to news flow from the Middle East for the time being, it is a time when a conservative investment strategy, prioritizing risk management over aggressive entry, is needed.
*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 solely for informational purposes.*
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