As the United States and Israel attack Iran, a virtual asset created by Israeli corporations is surging and plunging.
According to the virtual asset industry on the 6th, the price of the Orbs coin listed on Upbit and Bithumb jumped right after news of the U.S. and Israel's airstrikes on Iran. The price of Orbs, which was in the 15-won range the previous day, at one point surged to 23 won, up about 45%.
Orbs is a virtual asset project from Israel, issued by the Israeli Blockchain corporations "Hexa." It is not related to the Middle East war, but it has tended to rally during Middle East crises because it was issued by an Israeli corporation.
Orbs also soared from the 30-won range to the 80-won range after news of Palestinian militant faction Hamas' surprise attack on Israel in Oct. 2023. As it has rallied whenever geopolitical tensions in the Middle East rise, investors appear to be buying Orbs in similar situations.
Most of Orbs' trading volume is taking place in Korea. According to CoinMarketCap, about 90% of the global transaction volume of the Orbs coin on the 28th of last month was traded on Upbit and Bithumb.
After spiking, the price of Orbs has now plunged to the 16-won range. A virtual asset industry official said, "Because it is moving like a theme stock rather than on the project's performance, caution is advised when investing."