Oil Prices Surge 6% After US Warship Strike...Upbit Investor Sentiment 'Screaming'

▲ Frozen Upbit Coin Market/AI generated image ©

Direct armed clashes between the regular forces of the United States and Iran have occurred, with fears of a full-scale war originating in the Middle East striking global asset markets. As international oil prices surge by over 6%, fueling inflation concerns, major coins, including the leading cryptocurrency Bitcoin, are simultaneously plummeting on Upbit, the largest virtual asset exchange in Korea, showing signs of panic selling.

As of 7:07 AM on the 20th, Bitcoin (BTC) is trading at 110,642,000 KRW on Upbit's KRW market, down 1.54% from the previous day. The psychological support level of 111 million KRW has even collapsed, indicating intensifying downward pressure.

Ethereum (ETH), the leading altcoin, plunged 2.95% to 3,386,000 KRW, showing a larger decline than Bitcoin. Solana (SOL), a major coin by market capitalization, also fell 1.48% to 126,100 KRW, reflecting the overall market slump. The Upbit Market Index (UBMI) dropped 1.45% to 11,346.88, and the Altcoin Index (UBAI) fell 2.15% to 3,063.20.

Amidst this widespread downturn, XRP (Ripple) stands out. XRP is trading at 2,096 KRW, down 1.36%, but it recorded approximately 145.2 billion KRW in 24-hour trading volume, surpassing Bitcoin to claim the top spot for trading volume on Upbit. This is interpreted as the result of intense clashes between bargain hunting and panic selling amidst extreme volatility.

The market's intense fear is clearly evident in the sharp drop in trading volume and the surge in oil prices. According to CoinGecko data, a global virtual asset market aggregator, Upbit's total 24-hour trading volume at the same time plummeted by 14.8% from the previous day to approximately 1.38 trillion KRW. Investors are maintaining a strong wait-and-see stance in the face of extreme uncertainty posed by a potential full-scale war.

Conversely, international oil prices, fueled by risk aversion sentiment, soared. According to Investing.com data, the price of West Texas Intermediate (WTI) crude for June 2026 delivery surged by $5.18 (6.27%) from the previous day to $87.77. Fears that a full-scale war crisis could disrupt oil supply chains strongly pushed up oil prices, leading to concerns about prolonged high inflation, which acted as a key trigger accelerating capital outflow from the virtual asset market.

The direct trigger for this bloody market plunge is the escalating geopolitical crisis in the Middle East. The Iranian Supreme Joint Military Command officially announced in a statement that it had used drones to strike some US warships in retaliation for US President Trump's order to fire on an Iranian cargo ship. With the regular forces of both countries engaging in a brinkmanship military clash just before the scheduled final peace talks in Pakistan, market expectations for a peace agreement were shattered.

The virtual asset market is expected to continue its extreme rollercoaster ride this week, with an unpredictable future. If the retaliatory actions between the two countries escalate into a full-scale war and international oil prices surpass $90 per barrel, Bitcoin's price could face a deep further correction, threatening to break below 100 million KRW, driven by macroeconomic shocks and extreme risk aversion. Experts warn that for the time being, the fate of the entire market will depend more on breaking news from the Middle East and oil price trends than on chart indicators or fundamentals, emphasizing that expanding cash holdings and thorough risk management are more crucial than ever, rather than making hasty predictions.

*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.*