Rapid Surge in South Korean Crypto-Related Stocks as Bitcoin Approaches All-Time High
As Bitcoin (BTC) prices continue to climb towards a new all-time high, South Korean crypto-related stocks are experiencing a significant surge.
Although no crypto exchange has yet been listed on the Korea Exchange, several listed companies hold minority stakes in domestic crypto operators. This includes Woori Technology and Hanwha Investment & Securities, both of which own shares in Dunamu, the operator of Upbit exchange.
On October 29, Woori Technology’s share price increased by more than 14%, while Hanwha Investment & Securities closed the trading day with a 7.53% increase. Woori Technology is an investment firm that has been supporting various fintech and blockchain-related startups since its establishment in 2022. On the other hand, Hanwha Investment & Securities is an affiliate of Hanhwa Group, one of the largest conglomerates in the country, specializing in wealth management, asset management services, and real estate investment.
Another company that experienced significant price movements is WIZIT, a provider of display and semiconductor manufacturing equipment parts. Its subsidiary, T Scientific, owns shares in Bithumb Korea, the company operating the Bithumb trading platform. WIZIT stocks also rose by 7.76% on October 29.
Galaxia Moneytree, a financial services provider focusing on security token operations, also saw substantial gains of 10.66%. In April 2021, the company co-launched the nation’s first Bitcoin-powered payments service.
Furthermore, trading volumes on Upbit have been increasing and approaching the $2 billion mark, with Bitcoin accounting for over 17% of the platform’s trading volume at the time of writing.
South Korean media outlets, such as CNB Journal, attribute the rise in BTC prices and associated South Korean share prices to events in Washington. They believe that the excitement surrounding the US Presidential Elections is driving the markets. Both leading candidates, Kamala Harris and Donald Trump, have made a series of manifesto pledges related to cryptocurrencies.
CNB Journal stated:
“Positive changes are expected in the cryptoasset market regardless of who wins, whether it’s the Republican candidate Donald Trump or the Democratic candidate Kamala Harris who emerges victorious.”
