Cryptocurrency Market Extends Recovery Amid US-Iran Tensions

The global cryptocurrency market has extended its recovery trend on Friday, with leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) experiencing price gains.

Data from derivatives markets shows a renewed risk-on sentiment, driven by US demand outweighing Korean market demand. The Open Interest (OI) in Bitcoin futures has increased to $24.13 billion, indicating a buildup of positional value.

US demand is driving the recovery trend, with the Coinbase Premium Index at 0.013, up from -0.18 in early February. In contrast, the Korea Index remains negative at -0.98. The lack of demand in Asia may be linked to volatile oil prices and inflation risk.