South Korean Stocks Soar as Bitcoin Approaches Record High
Bitcoin’s surging prices are causing South Korean stocks related to cryptocurrencies to skyrocket.
While no cryptocurrency exchange has gone public on the Korea Exchange yet, several listed companies own minority stakes in domestic crypto operators.
This includes Woori Technology and Hanwha Investment & Securities, both of which hold shares in Dunamu, the operator of Upbit exchange.
South Korean Stocks on the Rise
On October 29, Woori Technology’s share price increased by over 14%, while Hanwha Investment & Securities closed the trading day with a 7.53% gain.
Woori Technology is an investment firm that has supported various fintech and blockchain startups since its establishment in 2022.
Hanwha Investment & Securities, on the other hand, is an affiliate of Hanhwa Group, one of the largest conglomerates in the country. It specializes in wealth and asset management services, including real estate investment.
WIZIT, a provider of display and semiconductor manufacturing equipment parts, also experienced significant price movements. Its subsidiary, T Scientific, owns shares in Bithumb Korea, the company behind the Bithumb trading platform. WIZIT stocks rose by 7.76% on October 29.
South Korean Companies Make Profits: US Elections Drive Bitcoin Excitement?
Galaxia Moneytree, a financial services provider, also saw a significant increase of 10.66% in its stocks. The company is currently working on security token operations.
In April 2021, Galaxia Moneytree co-launched the country’s first Bitcoin-powered payment service.
Trading volumes on Upbit have also surged, approaching the $2 billion mark. Bitcoin accounts for more than 17% of the platform’s trading volume at the time of writing.
South Korean media outlets, such as CNB Journal, attribute the rise in Bitcoin prices and the associated increase in South Korean share prices to events in Washington.
They believe that the excitement surrounding the US Presidential Elections is boosting the markets. Both leading candidates, Kamala Harris and Donald Trump, have made various promises related to cryptocurrencies in their campaigns.
The media outlet stated:
“Regardless of whether the Republican candidate Donald Trump or the Democratic candidate Kamala Harris wins, positive changes are expected in the cryptocurrency market.”
