The cryptocurrency market, including Bitcoin (BTC), is experiencing a sharp decline with an overall selling trend. The market is analyzed to have significantly stimulated investor sentiment as uncertainty grows ahead of a high-level meeting between President Trump and Ukrainian President Volodymyr Zelenskyy. As this meeting is drawing attention as a potential turning point for ending the Ukraine-Russia war, the market is preparing for possible volatility expansion depending on diplomatic outcomes.
Bitcoin, which had been hovering around $117,500 (approximately 163.33 million won) over the weekend, sharply declined on the morning of the 19th (local time), falling to $115,000 (approximately 159.85 million won). This is the lowest level since November 11th. Particularly, Bitcoin, which had reached a peak of $124,500 (approximately 173.06 million won) in early last week, has continued to decline after weakening when the Producer Price Index (PPI) exceeded expectations, followed by consecutive support line collapses. The analysis suggests that short-term liquidations amounting to billions of dollars have also doubled the downward pressure.
Ethereum (ETH) is no exception. It dropped 4.5% from the previous day, falling below $4,300 (approximately 5.97 million won), and XRP plummeted below the psychological support line of $3.00 (approximately 4.17 million won). Solana (SOL), Hyperliquid, Sui (SUI), Etena, Near Protocol, and Mantle also simultaneously plunged, reflecting market-wide selling pressure. In contrast, Chainlink (LINK) and Monero (XMR) slightly increased, drawing rare attention.
According to the trading platform CryptoQuant, the total cryptocurrency market capitalization evaporated by $100 billion (approximately 139 trillion won) in a day, narrowing to $39.6 billion (approximately 5,504 trillion won). Bitcoin's dominance remains around 58%, though warnings suggest that market share increase does not necessarily mean a strength reversal.
Experts diagnose that the diplomatic results of the Trump-Zelenskyy meeting could symbolically or practically significantly impact market trends. They hypothesize that if meaningful ceasefire discussions or war de-escalation possibilities emerge, some investors might return to safe-haven assets. Conversely, if negotiations fail, geopolitical tensions could escalate, potentially leading to additional risk-averse selling.
This sharp decline clearly demonstrates the cryptocurrency market's sensitivity to external variables. The market is expected to closely observe the meeting's results and its aftermath while exploring its direction.
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