Bitcoin Falls Below 100 Million Won on Upbit as Berachain Soars Amid Weakness in XRP and Ethereum
Bitcoin Falls Below 100 Million Won on Upbit as Berachain Soars Amid Weakness in XRP and Ethereum
Bitcoin (BTC) has fallen below the 100 million won mark, long regarded as a psychological support level in the domestic virtual asset market. A combination of external headwinds, including fading expectations of an early interest rate cut following strong U.S. employment data and mixed performance on Wall Street, sharply dampened investor sentiment.
As of 8:13 a.m. on the 12th (KST), Bitcoin was trading at 99.15 million won, down 2.92% from the previous day, according to data from Upbit, South Korea’s largest cryptocurrency exchange. The 24-hour trading volume reached approximately 362.2 billion won, with selling pressure dominating the market. Although Bitcoin climbed as high as 102.7 million won during intraday trading, heavy sell-offs pushed it down to a low of 97.71 million won, highlighting extreme volatility.
◇ Major altcoins also in the red... Only Berachain surges
Alongside Bitcoin’s سقوط, major altcoins also remained weak. XRP (Ripple), a top market-cap token, fell 2.84% from the previous day to 2,017 won and recorded the highest trading volume (about 394.5 billion won), but failed to defend its price. Ethereum (ETH) extended its losses, plunging 4.37% to trade at 2.868 million won.
Meanwhile, one coin bucked the broader downturn with a dramatic surge. Berachain (BERA), which drew attention following its recent listing, skyrocketed 83.63% from the previous day to 1,346 won, capturing investor interest. LayerZero (ZRO) also showed differentiated movement, rising 17.29% to 3,141 won.
◇ Below 100 million won: ‘Dead cat bounce’ or further decline?
Market experts caution that Bitcoin’s drop below 100 million won could signal more than a simple price correction and may mark the beginning of a trend reversal. Stronger-than-expected U.S. January employment data has increased the likelihood that the Federal Reserve will delay interest rate cuts, cooling appetite for risk assets.
However, some analysts point to the possibility of a technical rebound, often referred to as a “dead cat bounce,” as the market enters oversold territory. With Bitcoin appearing to find support in the 97 million won range, a short-term inflow of bargain-hunting demand could drive an attempt to reclaim the 100 million won level. Nevertheless, unless external uncertainties are resolved, heightened volatility is expected to persist for the time being.
Disclaimer: This article is for investment reference only and we are not responsible for any investment losses incurred based on it. The content should be interpreted for informational purposes only.
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