On the first day of the Chuseok holiday, cryptocurrency prices are falling in international markets.
As of 9:30 a.m. on September 24, Bitcoin is trading around $84,400, a decrease of 2.6% compared to the same time the previous day.
Ethereum and XRP (Ripple) are also experiencing declines, with prices at $2,687 and $1.50, respectively, down 2.5% and 5.2% from the same time yesterday.
Recently, cryptocurrency prices had been on the rise, with Bitcoin increasing by 10.5% over the past week. In contrast, Ethereum rose by 11%, and XRP saw a 15% increase.
The drop in cryptocurrency prices is attributed to geopolitical instability. Iranian President Ebrahim Raisi stated in his speech at the United Nations General Assembly today, "Iran will never bow down or kneel." He emphasized, "We have only acted in self-defense and are not terrorists."
Raisi's strong remarks have raised concerns about the potential for a prolonged conflict between the U.S. and Iran, causing market volatility. There are also growing worries about rising oil prices and inflation.
However, analysts suggest it is too early to consider this a correction phase. TradingView.com noted, "The current decline in cryptocurrency prices is not a reversal but a reaction to geopolitical uncertainty," adding that future market movements will depend on whether tensions between the U.S. and Iran escalate or ease.
As of 9:30 a.m. on September 24, Bitcoin is trading around $84,400, a decrease of 2.6% compared to the same time the previous day.
Ethereum and XRP (Ripple) are also experiencing declines, with prices at $2,687 and $1.50, respectively, down 2.5% and 5.2% from the same time yesterday.
Recently, cryptocurrency prices had been on the rise, with Bitcoin increasing by 10.5% over the past week. In contrast, Ethereum rose by 11%, and XRP saw a 15% increase.
The drop in cryptocurrency prices is attributed to geopolitical instability. Iranian President Ebrahim Raisi stated in his speech at the United Nations General Assembly today, "Iran will never bow down or kneel." He emphasized, "We have only acted in self-defense and are not terrorists."
Raisi's strong remarks have raised concerns about the potential for a prolonged conflict between the U.S. and Iran, causing market volatility. There are also growing worries about rising oil prices and inflation.
However, analysts suggest it is too early to consider this a correction phase. TradingView.com noted, "The current decline in cryptocurrency prices is not a reversal but a reaction to geopolitical uncertainty," adding that future market movements will depend on whether tensions between the U.S. and Iran escalate or ease.
* This article has been translated by AI.
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