 ▲ Upbit Morning Market Update on March 2 |
As global asset markets freeze amid escalating tensions in the Middle East, South Korea’s cryptocurrency market is instead staging a strong rebound, testing its status as a “digital safe haven.” Despite the geopolitical crisis, swift bargain-hunting inflows have pushed Bitcoin (BTC) back above the 97 million won level in short order.
As of 10:21 a.m. on March 2, Bitcoin was trading at 97,329,000 won on Upbit, South Korea’s largest cryptocurrency exchange, up 1.49% from the previous day. Despite high volatility over the past 24 hours—ranging from a low of 95,871,000 won to a high of 97,895,000 won—Bitcoin has maintained a clear upward trend.
Major altcoins are also flashing red across the board, signaling gains. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, is up 1.80% to 2.88 million won, while XRP (Ripple) has risen 1.22% to 1,999 won, hovering just below the 2,000 won mark. Solana (SOL) has gained 2.13% to 124,500 won, Dogecoin (DOGE) is up 1.49% to 136 won, and some tokens such as Centrifuge (CFG) are posting sharp increases of around 9%.
Analysts point to two main reasons why the cryptocurrency market is rallying on its own despite war-driven fears. First is the renewed “digital gold” narrative. As traditional financial markets and currency rates fluctuate following airstrikes on Iran, Bitcoin—free from state control and easily transferable—is increasingly viewed as an alternative store of value similar to gold, attracting fresh capital inflows.
Second is investors’ strong “buy the dip” sentiment. Past experiences of major geopolitical crises, where markets initially plunged before rebounding sharply, appear to be influencing current behavior. In the aftermath of the outbreak of conflict, both domestic and international whales (large-scale investors) and retail traders have rapidly absorbed panic-driven sell-offs, treating them as buying opportunities.
Experts note that while short-term news flow related to Middle East tensions may heighten market volatility, growing macroeconomic uncertainty could further highlight cryptocurrencies’ appeal as a decoupled asset. If the current buying momentum continues and Bitcoin successfully reclaims the 100 million won level, it could mark a pivotal turning point in establishing itself as a true alternative safe-haven asset despite geopolitical turmoil.
Disclaimer: This article is for investment reference purposes only and we are not responsible for any investment losses arising from it. The content should be interpreted solely for informational purposes.