As Bitcoin Fails to Reclaim 100 Million Won, Newly Listed Centrifuge on Upbit Surges 100%

▲ Upbit Morning, February 27

Bitcoin failed to reclaim the 100 million won mark and slipped amid frozen investor sentiment triggered by a sell-off in tech stocks that rattled global equity markets. Even in the broader downturn, speculative demand has been concentrated only in a few newly listed coins, creating an extremely volatile trading environment.

As of 7:17 a.m. KST on the 27th, Bitcoin was trading at 97,729,000 won on the domestic cryptocurrency exchange Upbit, failing to recover the 100 million won level. The price marked a 0.21% drop from the previous day, having risen to an intraday high of 99,223,000 won but ultimately retreating without breaking through the psychological resistance at 100 million won.

Major altcoins also remained weak. Ethereum fell 0.71% to 2,941,000 won, XRP (Ripple) declined 1.94% to 2,023 won, and Solana dropped 1.89% to 124,400 won. Dogecoin also slid 4.11% to 140 won, reflecting the overall market slump.

Meanwhile, despite the heavy wait-and-see sentiment, newly listed Centrifuge (CFG) surged 100.00% from the previous day to 228 won, standing out with exceptional gains as short-term speculative demand poured in.

The weakness in the domestic market mirrors the chill gripping the global crypto market. According to CoinMarketCap, the total global cryptocurrency market capitalization fell 3.03% to $2.32 trillion on the same day. Bitcoin dropped 2.23% to $67,457.65, while Ethereum fell 3.79% to $2,030.57. The market sentiment indicator, the “Fear and Greed Index,” recorded 16, signaling that investors are in a state of Extreme Fear.

The primary driver behind the downturn is seen as the sell-off in tech stocks that hit the New York market. Despite AI chip giant Nvidia posting record-breaking earnings that exceeded expectations, heavy profit-taking followed under the dynamic of “buy the rumor, sell the news,” as prior optimism had already been priced in. The sharp drop in the Nasdaq index has strengthened risk-off sentiment toward macro assets, weighing heavily on cryptocurrencies, including Bitcoin.

The near-term outlook remains uncertain. Analysts widely believe that until macroeconomic uncertainty eases, rate-cut expectations stabilize, and volatility in U.S. tech stocks subsides, the cryptocurrency market will struggle to find a clear rebound momentum. For the time being, Bitcoin is expected to continue experiencing sharp short-term volatility within a narrow trading range, closely tracking global equity indicators rather than mounting an aggressive push past the 100 million won threshold.

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.