Bitcoin traded in the Korean won market below the 100 million won mark, marking a 16-month low. On domestic exchange Upbit, Bitcoin was down 13.8% from the previous session to 93 million won. This level comes after gains that followed the Trump-era rally, wiping out those gains and signaling renewed selling as the price breached the 100 million won threshold for the first time since November 6, 2024. The abrupt decline also put the 90 million won level at risk.
The broader altcoin market also slumped. Ethereum, the second-largest by market cap, fell 14.8% to 270,000 won, its intraday low since May 8, 2024 (256,000 won). XRP dropped 23.5% to 1,707 won and Solana slid 15.6% to 115,000 won. Analysts say uncertainty around U.S. monetary policy is a key driver, with KoBIT’s Kim Min-seung noting the hawkish stance of Kevin Warsh and the high-rate environment weighing on risk assets, and remarks from the U.S. Treasury that it would not intervene to buy Bitcoin cooled investor sentiment.
Nevertheless, some observers say that funds looking to buy on dips could flow in as prices approach a floor. The extent of such buying remains uncertain.
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