According to CoinMarketCap data as of 2:54 p.m. on the 21st, major virtual assets are showing a concerted upward trend.

Bitcoin rose 2.53% compared to the previous day, while Ethereum gained 4.00%. Other major altcoins also recorded strength in tandem.

■ Major Coin Prices Over 24 Hours • Bitcoin (BTC) +2.53% • Ethereum (ETH) +4.00% • BNB +1.63% • XRP (Ripple) +3.86% • Solana (SOL) +3.39% • Hyperliquid (HYPE) +4.86% • Dogecoin (DOGE) +1.67% • Zcash (ZEC) +3.34%

With the bellwether Bitcoin and top market-cap altcoins rising together, investor sentiment appears to be recovering to some extent. However, the market remains highly sensitive to external variables.

■ Three Key Variables Ahead

① PCE Price Index — The aspect investors are watching most closely is the upcoming release of the U.S. Personal Consumption Expenditures (PCE) price index. The PCE is a key inflation metric that the Federal Reserve (Fed) prioritizes when making monetary policy decisions, and it will shape market expectations regarding the future path of the benchmark interest rate.

② Interest Rate Policy Direction — The direction of U.S. interest rate policy is also cited as a major variable. This is because capital flows into risk assets could shift depending on the Fed's policy direction.

③ Global Geopolitical Risks — Analysts suggest that if geopolitical tensions surrounding regions such as the Middle East escalate again, a preference for safe-haven assets could strengthen, potentially dealing a blow to investor sentiment across risk assets broadly.

As risk-off sentiment has recently been expanding, there are also forecasts that the virtual asset market could exhibit high volatility in the short term.

Experts advise that a multifaceted approach is necessary, one that comprehensively examines not only short-term price movements but also U.S. economic indicators, the Fed's policy stance, and global geopolitical issues.

[This article is not intended to solicit investment. All final investment decisions and responsibilities lie with the investor.]