Upbit becomes active as bond yields and oil prices fall…ending severe trading volume drought and starting a rebound

▲ Upbit, Bitcoin, Ethereum, XRP, Solana/AI generated image ©

As the three major New York stock market indices successfully rebounded due to falling US Treasury yields and a sharp drop in international oil prices, the stagnant domestic cryptocurrency market also gained strong rebound momentum. Amid the robust upward trend of leading cryptocurrencies, altcoin investment sentiment, which had been suppressed, is largely recovering.

As of 6:49 AM on May 21st, according to Upbit, the largest domestic cryptocurrency exchange, the virtual asset market is showing a full-fledged relief rally with all assets turning green (upward trend). Bitcoin (BTC) has regained the 105 million won mark, taking center stage, and Ethereum (ETH) is also showing strength around 5.1 million won. Notably, XRP (Ripple), which has recently garnered attention due to spot ETF inflows and increased demand for derivatives, is leading the market's upward trend, recording around 1,930 won. In addition to these three major assets, Siacoin (SC) and Blur (BLUR) recorded surges of over 10-20% during the trading session, indicating that altcoin rotation trading has officially begun on Upbit. Even according to CoinGecko, a global virtual asset market data aggregator, the recent severe 'trading volume drought' has somewhat subsided, and Upbit's 24-hour trading volume has significantly increased compared to the previous day, proving that funds are re-entering the market.

The primary background for this rebound is the stabilization of the global macroeconomic environment. On the 20th local time, the US 30-year Treasury yield, which had reached a 19-year high (5.20%) since 2007 (just before the global financial crisis) and pressured the market, fell to 5.114%, and the 10-year yield also dropped to 4.569%, leading to a rapid recovery in investor sentiment. Geopolitical risks also eased. As US President Donald Trump raised expectations for a deal, stating that he was "in the final stages with Iran," international oil prices, including Brent crude and West Texas Intermediate (WTI), plummeted by over 5% across the board. The simultaneous decline in oil prices and interest rates, which had previously fueled inflation concerns and hindered the Federal Reserve's (Fed) interest rate cuts, has spread a strong sense of relief across the entire risk asset market.

Furthermore, expectations for the earnings of Nvidia, the leading AI semiconductor stock, to be announced after the close of the New York stock market, which boosted the tech-heavy Nasdaq (up 1.55%) and the Dow Jones Industrial Average (reclaiming the 50,000 mark), also acted as a major positive factor for the cryptocurrency market. This, combined with news that the US Securities and Exchange Commission (SEC) is preparing an 'innovation exemption' framework to allow stocks to be traded as cryptocurrency tokens, and the official confirmation that SpaceX, which recently filed for an IPO, holds a large amount of Bitcoin, has maximized optimism for the institutional integration of virtual assets.

The future direction of the virtual asset market is expected to be determined in the short term by Nvidia's actual earnings figures and the results of SpaceX's IPO pricing, scheduled for May 22nd. Market experts pointed out that the continued increase in Upbit's trading volume, based on CoinGecko (a measure of global fund inflows), is crucial. Technically, if the global total market capitalization stably holds the key Fibonacci support level of $2.58 trillion and major virtual assets on Upbit break through their next resistance levels, selling pressure could ease, and a further explosive rally for altcoins, which have been suppressed for some time, could follow.

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