 ▲ March 3 Upbit Morning Market Update |
Despite escalating geopolitical tensions in the Middle East, the cryptocurrency market has demonstrated strong resilience, with market leader Bitcoin (BTC) successfully reclaiming the 100 million won level on domestic exchanges. In contrast to the U.S. New York stock market, which closed mixed amid concerns over inflation and fears of further escalation, the crypto market has drawn a clear upward curve, reinforcing its presence as an alternative asset.
As of 10:01 a.m. on the 3rd, according to Upbit, South Korea’s largest cryptocurrency exchange, Bitcoin was trading at 101,484,000 won, up 0.96% from the previous day, attempting to firmly establish itself above the 100 million won mark. The price briefly reached an intraday high of 101,500,000 won, reflecting steady buying inflows.
Major altcoins also joined Bitcoin’s rally, turning broadly positive. Ethereum (ETH), the second-largest cryptocurrency by market capitalization, rose 1.05% to 2,992,000 won, nearing the 3 million won threshold. XRP gained 0.59% to 2,042 won, while leading meme coin Dogecoin (DOGE) climbed 1.47% to 138 won. Some altcoins, including Kava (KAVA) and Sahara AI (SAHARA), surged 17.23% and 6.22%, respectively, signaling a rapid improvement in investor sentiment.
The recent strength in the crypto market is interpreted as a result of war fears in the Middle East reinforcing Bitcoin’s “digital gold” narrative. As international oil prices soared following military operations by Israel and the United States against Iran, raising concerns about resurging inflation, capital fleeing cash—expected to lose value—and the volatile stock market appears to be seeking refuge in Bitcoin, which holds the strong symbolic support level of 100 million won.
Looking ahead, the trajectory of the crypto market is expected to unfold under two possible scenarios depending on developments in the Middle East conflict. In the short term, market volatility could intensify in response to headlines related to further escalation. Temporary sell-offs may occur, but as seen during the recent recovery above 100 million won, standby “smart money” buying at lower levels is likely to form a defensive support line against declines.
In the mid- to long-term, if the war becomes prolonged and stagflation—rising prices amid economic slowdown—materializes due to surging energy costs, the crypto market could enter a new phase. Growing distrust in the traditional financial system and an explosive increase in institutional demand for portfolio diversification may lead the cryptocurrency market, led by Bitcoin, to fully decouple from the New York stock market and solidify an independent long-term bull cycle.
Disclaimer: This article is for investment reference only and the publisher is not responsible for any investment losses incurred based on it. The information provided should be interpreted solely for informational purposes.