South Korean crypto-related stocks are experiencing significant gains as Bitcoin (BTC) prices approach new all-time highs. While no crypto exchange has yet gone public on the Korea Exchange, several listed firms hold minority stakes in domestic cryptocurrency operators, contributing to the positive market sentiment.
Among the notable firms benefiting from the crypto surge are Woori Technology and Hanwha Investment & Securities, both of which own shares in Dunamu, the operator of the popular Upbit exchange. On October 29, Woori Technology saw its share price rise by over 14%, while Hanwha Investment & Securities closed the day up 7.53%.
Woori Technology, an investment firm launched in 2022, has invested in a range of fintech and blockchain-related startups. In contrast, Hanwha Investment & Securities is part of the Hanwha Group, one of South Korea's largest conglomerates, specializing in wealth and asset management services.
Additionally, WIZIT, a company that manufactures display and semiconductor equipment, also saw a price increase of 7.76% on October 29. WIZIT's subsidiary, T Scientific, holds shares in Bithumb Korea, the operator of the Bithumb trading platform.
Galaxia Moneytree, another firm in the financial services sector, experienced a significant gain of 10.66%. This company co-launched South Korea’s first Bitcoin-powered payment service in April 2021 and is currently focused on security token operations.
The trading volumes on Upbit have surged, approaching the $2 billion mark, with Bitcoin accounting for over 17% of the platform's trading volume at the time of writing. This increase reflects growing investor interest and activity in the crypto market.
The recent rally in BTC prices—and the corresponding rise in South Korean share prices—has been partially attributed to the excitement surrounding the upcoming U.S. presidential elections. South Korean media outlets, including CNB Journal, have noted that both leading candidates, Kamala Harris and Donald Trump, have made crypto-related pledges in their campaign manifestos.
According to reports, "positive changes are expected in the cryptoasset market regardless of who wins," signaling a sense of optimism among investors in the cryptocurrency space.
As Bitcoin approaches new highs, South Korean crypto-related stocks are poised for further gains. The combination of rising trading volumes, strategic investments by key players, and favorable political developments in the U.S. is fueling a bullish atmosphere in the market. Investors are keenly watching these trends, anticipating continued momentum in the crypto sector.
October 2024, Cryptoniteuae