 ▲ Upbit Market Conditions as of 4:25 PM on March 10 |
Global financial markets, which had been weighed down by U.S. President Donald Trump’s remark that “the end of the war is near,” staged a relief rally across the board, and the cryptocurrency market, led by flagship asset Bitcoin (BTC), also posted a sharp rebound, radiating renewed momentum.
As of 4:25 p.m. on March 10, according to South Korean cryptocurrency exchange Upbit, Bitcoin was trading at 130,093,000 won, up 2.66% from the previous day, solidifying support above the 100 million won level. Leading altcoin Ethereum (ETH) rose 2.77% to 3,008,000 won, reclaiming the 3 million won mark. Solana (SOL) gained 1.85% to 126,900 won, while XRP (Ripple) edged up 1.30% to 2,027 won, with major coins flashing gains across the board. Notably, Flow (FLOW) surged 20.00% to 93.6 won, strongly igniting momentum in the altcoin market.
The strength in the crypto market stems from a dramatic revival of “risk-on” sentiment that spread globally, beginning with Wall Street overnight. After demanding Iran’s “unconditional surrender,” President Trump sought to ease concerns of a prolonged conflict by stating that “the war will end soon.” As a result, international oil prices, which had been nearing $120 per barrel, plunged to the high $80s, swiftly calming fears of stagflation.
The ripple effect of Trump’s comments first hit equity markets. The KOSPI closed at 5,532.59, soaring 5.35% from the previous session. Shortly after the market opened, a “buy sidecar” was triggered as KOSPI200 futures surged, temporarily halting program buy orders for five minutes. Just a day after a sell sidecar was activated during a sharp plunge, the market saw the exact opposite scenario unfold, prompting investors to lament an “even more dizzying market than crypto” due to the extreme volatility. Major Asian markets, including Japan’s Nikkei 225 (up 2.88%) and Taiwan’s TAIEX (up 2.06%), also rebounded in unison, responding to stabilizing oil prices.
As geopolitical uncertainties that had weighed heavily on the macroeconomic environment began to ease, suppressed investor sentiment flowed aggressively into cryptocurrencies, a representative risk asset, fueling a classic liquidity-driven rally. However, experts caution that the rebound hinges largely on external variables, including President Trump’s unpredictable remarks. Although immediate fears have subsided amid signs of reduced retaliatory intensity from Iran, unprecedented volatility—marked by sharp surges and pullbacks within a single day—persists, underscoring the need for prudent risk management rather than aggressive buying at current levels.
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