South Korean Stocks Soar as Bitcoin Prices Approach Record High
The prices of South Korean stocks related to cryptocurrency are rapidly increasing as Bitcoin (BTC) prices climb towards a new all-time high.
While no crypto exchange has yet been listed on the Korea Exchange, several listed companies hold minority stakes in domestic crypto operators.
Among these companies are Woori Technology and Hanwha Investment & Securities, both of which own shares in Dunamu, the operator of the Upbit exchange.
South Korean Stocks Related to Cryptocurrency on the Rise
On October 29, Woori Technology’s share price rose by over 14%, while Hanwha Investment & Securities closed the trading day with a 7.53% increase.
Woori Technology is an investment firm that has supported various fintech and blockchain-related startups since its establishment in 2022.
On the other hand, Hanwha Investment & Securities is an affiliate of the Hanhwa Group, one of the largest conglomerates in the country. It specializes in wealth management and asset management services, including real estate investment.
There were also significant price movements for WIZIT, a provider of display and semiconductor manufacturing equipment parts. The company’s subsidiary, T Scientific, holds shares in Bithumb Korea, the company behind the Bithumb trading platform. WIZIT stocks also rose by 7.76% on October 29.
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Galaxia Moneytree, a financial services provider, also experienced substantial gains of 10.66%. The company is currently working on security token operations.
In April 2021, Galaxia Moneytree co-launched the nation’s first Bitcoin-powered payments service.
Trading volumes on Upbit have also increased, approaching the $2 billion mark. At the time of writing, Bitcoin accounts for over 17% of the trading volume on the platform.
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 boosting the markets. Both leading candidates, Kamala Harris and Donald Trump, have made a series of manifesto pledges related to cryptocurrency.
The media outlet stated:
“Regardless of who wins, whether it’s the Republican candidate Donald Trump or the Democratic candidate Kamala Harris, positive changes are expected in the cryptoasset market.”