 ▲ Upbit Market Conditions at 10 a.m. on March 8 |
Geopolitical tensions originating in the Middle East and fears of stagflation are weighing heavily on the cryptocurrency market, with Bitcoin (BTC) appearing to remain entrenched below the 100 million won mark on domestic exchanges.
As of 10 a.m. on the 8th, according to Upbit, South Korea’s largest cryptocurrency exchange, Bitcoin was trading at 99,276,000 won, down 0.11% from the previous day, hovering below the 100 million won level. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, also slipped 0.10% to 2,909,000 won, struggling to reclaim the 3 million won threshold.
Major altcoins likewise turned lower across the board. XRP fell 0.20% to 2,002 won, Solana (SOL) declined 0.16% to 122,800 won, and Kava (KAVA) plunged 5.32% to 94.3 won, highlighting a broad-based downturn in the altcoin market.
The primary driver of this downturn is a complex macroeconomic crisis. Escalating tensions between the United States and Iran have pushed West Texas Intermediate (WTI) crude oil above $90 per barrel, fueling renewed inflation concerns. Compounding the situation, a recent employment shock revealed that 92,000 U.S. jobs disappeared in February, intensifying fears of stagflation—soaring prices alongside economic stagnation—across both Wall Street and the crypto market. Risk-off sentiment has surged, leading even institutional funds to pull out significant capital from spot exchange-traded funds (ETFs).
The trajectory of the cryptocurrency market this week is expected to hinge squarely on key U.S. inflation indicators. Investors are closely watching the U.S. Consumer Price Index (CPI) for February, set to be released on the 11th (local time), and the Personal Consumption Expenditures (PCE) price index for January, due on the 13th. If the surge in oil prices is reflected and inflation data comes in above expectations with a “shock” reading, hopes for Federal Reserve rate cuts could effectively vanish, potentially prolonging the crypto market’s winter.
Ultimately, there appears to be no clear internal catalyst for Bitcoin to reclaim the 100 million won level in the short term. Rather than attempting premature bottom-fishing or chasing rallies, this week calls for conservative risk management—raising cash positions while closely monitoring inflation data releases and geopolitical developments in the Middle East.
Disclaimer: This article is for investment reference purposes only, and no responsibility is taken for investment losses based on it. The content should be interpreted solely as information provision.