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The frozen virtual asset market is experiencing a warm breeze again due to news of easing geopolitical risks from Iran. As news spread that Iran had delivered a new negotiation proposal to end the war with the United States, major coins, including Bitcoin (BTC), are showing a clear bullish trend on Upbit, the largest exchange in South Korea.
As of 10:29 PM on the 1st, Bitcoin is trading at 116,052,000 won in the Upbit KRW market, up 1.97% from the previous day, showing strong upward momentum. Driven by the rally of the market leader, major altcoins by market capitalization are also rising: Ethereum (ETH) is up 1.54% to 3,420,000 won, XRP is up 1.18% to 2,061 won, and Dogecoin (DOGE) is up 3.16% to 163 won.
However, due to the Labor Day holiday, the overall market's trading vitality is somewhat subdued. According to CoinGecko data, a virtual asset market aggregation site, Upbit's 24-hour trading volume at the same time decreased by 12.8% compared to the previous day, showing a mixed sentiment of cautious waiting.
Nevertheless, amidst the overall decline in trading volume, a 'picking out the gems' market is emerging, with strong demand concentrated on specific altcoins. According to Upbit's weekly gain data, NKN surged by 141.67%, ORCA by 117.27%, and GAME2 by 100.00%, with the trading volumes of some altcoins exploding and drawing market attention.
The key reason the virtual asset market collectively turned bullish today is undoubtedly the easing of war fears from the Middle East. According to Iran's state news agency IRNA, Iran delivered a full negotiation proposal to the United States to end the war through Pakistan, a mediating country, the previous night. As the Iranian Foreign Ministry emphasized that "the top priority in negotiating with the United States is to end the war and achieve lasting peace," expectations that the escalating conflict between the two countries could be resolved strongly stimulated risk asset preference.
The continuation of the virtual asset market rally in the future depends on the United States' response to this negotiation proposal. If a dramatic compromise is reached, with Iran putting forward cards such as opening the Strait of Hormuz and resuming nuclear negotiations, Bitcoin's upward trend is expected to become even more solid.
However, the fact that US President Donald Trump is strongly demanding the full removal of Iran's highly enriched uranium and has even received reports on new military operation plans from the US military command, holding pressure cards, remains a lingering uncertainty. Until macroscopic geopolitical risks are completely resolved, market volatility could fluctuate significantly depending on news flow, requiring investors to approach the market cautiously.
*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*
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