 ▲ Upbit Afternoon Market Conditions on February 28 |
Bitcoin fell to the 93 million won range as geopolitical risks stemming from the Middle East rattled financial markets.
According to Upbit data as of 3:51 p.m. on February 28, Bitcoin (BTC) was trading at 93,239,000 won, down 3.00% from the previous day. The intraday high reached 96,547,000 won, while the low touched 93,138,000 won. The 24-hour trading volume was tallied at 180,220,395,170 won. Top market-cap altcoins also showed broad weakness. Ethereum (ETH) fell 3.55% to 2.72 million won, while XRP (Ripple) declined 3.83% to 1,906 won. Solana (SOL) dropped 4.60%, and Cardano (ADA) recorded a decline of around 3%.
The immediate trigger for the sharp drop was shockwaves from the Middle East. According to Reuters and the Associated Press, Israel’s defense minister announced on the 28th (local time) that a preemptive strike had been carried out against Iran. Witnesses also reported hearing explosions in Tehran. This marks the first direct clash between Israel and Iran in about eight months since the “12-Day War” last June. As Israel ordered closures of workplaces and schools and breaking reports said areas near the Iranian Supreme Leader’s office were hit, risk-off sentiment spread rapidly across global markets.
The crypto market exhibited a classic “risk-off” pattern. Heightened geopolitical tensions typically boost demand for safe-haven assets such as the U.S. dollar, oil, and gold, while volatile assets like cryptocurrencies face selling pressure. In particular, leveraged positions built up during the recent rebound appear to have been liquidated, amplifying the downside. In the short term, fear-driven sentiment is fueling further selling.
The key variable going forward is whether the conflict escalates. If clashes between Israel and Iran remain limited military actions, Bitcoin may test support around the 93 million won level before attempting a rebound. However, if the conflict expands or neighboring countries such as the United States become directly involved, heightened volatility in global financial markets could push Bitcoin below the 90 million won threshold.
Market experts warn of increased short-term volatility but note that if the geopolitical event proves to be a temporary shock, liquidity conditions and institutional flows will once again dictate price movements. As this plunge was triggered by the external variable of “war risk,” the direction of upcoming news developments is emerging as the decisive factor for price trends.
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