KOSPI sets new record amid US-Iran detente! Upbit's top 3 coins also stretch their wings!

▲Upbit /AI generated image ©

Ahead of the second US-Iran peace talks, risk asset preference sentiment exploded, pushing KOSPI to a new all-time high. The domestic virtual asset market is also joining the positive trend, showing a clear rebound led by major cryptocurrencies.

As of 10:27 AM on the 21st, according to Upbit's KRW market, the largest domestic virtual asset exchange, the "big three" in virtual asset market capitalization – Bitcoin (BTC), Ethereum (ETH), and XRP (Ripple) – are all recording gains, reflecting the warmth in the market.

Bitcoin, the leading cryptocurrency, is trading at 112,574,000 KRW, up 0.11% from the previous day, showing strong support above the 112 million KRW mark. Ethereum, the leading altcoin, is up 0.15% to 3,436,000 KRW, and XRP, which is buoyed by expectations of reduced litigation risk, has also settled at 2,119 KRW, up 0.47%, leading a solid market centered on major coins.

The recovery in investor sentiment is also confirmed by trading volume indicators. According to data from CoinGecko, a global market data aggregator, Upbit's 24-hour trading volume at the same time slightly increased by 2.6% from the previous day, reaching approximately 1.47 trillion KRW (1.02 billion USD). This suggests that buying interest, which had been frozen by negative factors from the Middle East a few days ago, is slowly flowing in with signs of resolving macroeconomic uncertainties.

This positive trend in the coin market aligns with the strong rally in the domestic stock market. Optimism that a dramatic agreement could be reached in the second US-Iran talks to be held in Islamabad, Pakistan, caused KOSPI to surge to 6,355.39 at one point on the 21st, breaking its previous all-time high (6,347.41) recorded in February, just before the outbreak of the Iran conflict, in just two months. The won-dollar exchange rate also showed a stable trend at around 1,471 KRW, down from the previous trading day, strongly supporting the overall risk-on sentiment in asset markets.

The future direction of the virtual asset market, like the New York stock market and KOSPI, is expected to be closely tied to the outcome of the US-Iran ceasefire negotiations scheduled for this weekend. If the peace agreement proceeds smoothly as expected by the market, suppressed investor sentiment could explode, and Bitcoin and major altcoins in the Upbit market are highly likely to resume their full-fledged rally towards previous highs. However, if negotiations fail and concerns about armed conflict reignite, the market's high expectations could lead to a wave of disappointed selling, requiring a cautious approach.

*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.*