Why is Upbit Shaking? Trump, OpenAI, OPEC Variables All at Once

▲ Upbit / AI generated image ©

Major coins on Upbit simultaneously declined, pushing the market back into a 'risk aversion' phase.

As of April 28, 10:36 PM, according to Upbit, Bitcoin (BTC) was trading at 113,448,000 KRW, down 1.64% from the previous day. Ethereum (ETH) was at 3,382,000 KRW (-1.51%), XRP (Ripple) at 2,055 KRW (-1.58%), and Solana at 124,300 KRW (-1.66%). The Upbit Composite Index fell 1.43% to the 11,520 level, and the Altcoin Index also dropped 1.41%, indicating a clear overall bearish trend.

Bitcoin attempted to rebound to the 115,050,000 KRW range during the day but failed to overcome selling pressure and retreated again. Most major coins appear to be maintaining a short-term downtrend channel. In particular, XRP fell to the early 2,000 KRW range, entering a support test zone, and Ethereum also fell below the 3,400,000 KRW mark, weakening its short-term momentum.

The market decline was complexly influenced by macroeconomic uncertainties. Former President Donald Trump's firm stance in Middle East-related negotiations re-emphasized geopolitical risks, and the possibility of the UAE withdrawing from OPEC was also discussed, expanding volatility in the raw material market. Additionally, the Bank of Japan's hawkish stance, the weakness of US tech stocks, especially OpenAI's failure to meet revenue targets, and the sharp decline in semiconductor stocks, are analyzed to have pressured global risk asset sentiment.

Policy risks also continue to weigh on the market. During the discussions on US cryptocurrency regulation, controversies over conflicts of interest involving the Trump family persisted, weakening the momentum for legislative action. This served as a factor lowering expectations for institutional fund inflows. The market appears to be reacting sensitively to policy uncertainties and political variables.

According to CoinGecko, Upbit's 24-hour trading volume was approximately 1.3884 trillion KRW, a slight decrease from the previous day. The slowdown in trading volume is interpreted as a sign of widespread short-term wait-and-see sentiment.

The key going forward is whether Bitcoin can maintain support at the 113,000,000 KRW level. If this level holds, a short-term consolidation followed by a rebound scenario is possible, but if it breaks, further correction down to the early 110,000,000 KRW range is also possible. The market is expected to remain in a 'wait-and-see' phase, confirming macroeconomic variables and policy trends for the time being.

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*