 ▲ Upbit Market Conditions as of 6:34 a.m. on March 10 |
Bitcoin (BTC), the leading cryptocurrency, which had been struggling below the 100 million won mark under the weight of war fears stemming from the Middle East, dramatically reclaimed the 100 million won level overnight on the back of favorable tailwinds.
As of 6:34 a.m. on March 10, according to South Korean crypto exchange Upbit, Bitcoin was trading at 101,004,000 won, up 3.23% from the previous day, easily surpassing the 100 million won threshold. Shaking off the previous day’s steep decline, strong buying pressure flowed in, quickly reviving lost investor sentiment.
Buoyed by Bitcoin’s solid rebound, major altcoins also posted broad gains. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, rose 3.56% to 2,971,000 won, while Solana (SOL) surged 4.22% to 126,000 won, showcasing strong upward momentum. XRP (Ripple), which had been on the brink of falling below the 2,000 won level the previous day, climbed 1.41% to settle at 2,013 won, and Dogecoin (DOGE) also gained 2.27% to trade at 135 won.
The key driver behind this dramatic turnaround in the crypto market was renewed expectations of an end to the war that buoyed the New York stock market overnight, along with a revival in risk appetite. The geopolitical crisis in the Middle East, which had pushed international oil prices up to $120 per barrel, eased sharply following U.S. President Donald Trump’s remark that “the war could end soon.” As oil prices plunged to around $85 per barrel and fears of stagflation subsided, long (buying) sentiment flowing into the stock market spread to the crypto market through channels such as spot exchange-traded funds.
The market’s future trajectory will depend on whether the expectations for an end to the war sparked by President Trump translate into actual conflict de-escalation and macroeconomic stability. With institutional demand via spot ETFs remaining solid, if the surge in oil prices—the biggest negative factor—continues to subside, Bitcoin is likely to use the 100 million won level as support and attempt a further rally. However, macroeconomic triggers such as the pace of inflation slowdown and the Federal Reserve’s interest rate decisions have not entirely disappeared, meaning cautious risk management and close monitoring of market trends are advised over blind momentum buying.
Disclaimer: This article is for investment reference only and we are not responsible for any investment losses arising from it. The content should be interpreted for informational purposes only.