South Korean Stocks Soar as Bitcoin Approaches New All-Time High
As Bitcoin (BTC) prices continue to rise, South Korean stocks related to the cryptocurrency are experiencing significant gains.
Although no crypto exchanges have been listed on the Korea Exchange yet, several listed companies hold minority stakes in domestic crypto operators.
For example, Woori Technology and Hanwha Investment & Securities both 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% gain.
Woori Technology, established in 2022, is an investment firm that has supported various fintech and blockchain-related startups.
Hanwha Investment & Securities, on the other hand, is an affiliate of Hanhwa Group, one of South Korea’s largest conglomerates. It specializes in wealth and asset management services, including real estate investment.
Another notable stock that experienced a significant price increase is WIZIT, a provider of display and semiconductor manufacturing equipment parts. Its subsidiary, T Scientific, owns shares in Bithumb Korea, the company behind the Bithumb trading platform. WIZIT stocks also rose by 7.76% on October 29.
Galaxia Moneytree, a financial services provider working on security token operations, also saw a substantial gain of 10.66%. The company co-launched South Korea’s first Bitcoin-powered payments service in April 2021.
Trading volumes on Upbit have also been on the rise, nearing 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 increase in BTC prices and the related South Korean stock 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 various promises related to cryptocurrencies.
The media outlet stated:
“Regardless of who wins, whether it be the Republican candidate Donald Trump or the Democratic candidate Kamala Harris, positive changes are expected in the cryptoasset market.”