 ▲ Upbit Morning Market Update on March 1 |
The cryptocurrency market, which had plunged over the weekend amid fears of a full-scale war between Israel and Iran, staged a dramatic V-shaped rebound, demonstrating strong resilience. However, ahead of the opening of traditional financial markets on Monday, a tense calm before the storm continues to hover over the market.
According to the morning data from Upbit, South Korea’s largest cryptocurrency exchange, on March 1, Bitcoin (BTC), the market leader, rose 1.97% from the previous day to trade at 98,016,000 won, swiftly reclaiming the 98 million won level. Major altcoins also showed a clear recovery trend, with Ethereum (ETH) gaining 1.84% to 2,872,000 won and XRP rising 1.87% to 2,019 won. Notably, Solana (SOL) surged 3.18% to 123,400 won, showing strong momentum, while buying interest spread to mid- and small-cap altcoins such as Lombard (BARD), which jumped 17.18%, and DKA (DKA), which soared 15.22%.
The sharp rebound over the weekend was driven by expectations that the negative developments in the Middle East had already been priced in and that a geopolitical turning point could be approaching. After U.S. President Donald Trump abruptly announced the death of Iran’s Supreme Leader, speculation grew that the escalating crisis could face a new inflection point, easing investors’ extreme fears. Additionally, analysis suggesting that froth had been largely cleared from the market and that significant selling pressure had already been absorbed by prices further stimulated bottom-fishing demand.
However, warnings against premature optimism are growing louder. According to CoinDesk analysis, while Bitcoin withstood the initial wave of selling amid thin weekend liquidity, the real test will come on Monday when traditional financial markets—including stocks, bonds, and crude oil—open simultaneously. If risk-off sentiment intensifies across broader markets, the cryptocurrency market may also face a second wave of synchronized sell-offs.
Above all, a surge in global oil prices triggered by a full-scale war in the Middle East is cited as a key risk factor that could reignite global inflation and amplify market volatility. Experts warn that if Bitcoin fails to withstand the impact of traditional market openings, it could retest the key short-term support level of $60,000. They emphasize that until a clear trend reversal is confirmed, thorough risk management is essential rather than aggressive dip-buying.
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