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South Korean stocks linked to cryptocurrency are experiencing rapid growth as Bitcoin (BTC) approaches a new record high.
No cryptocurrency exchange has yet been listed on the Korea Exchange. Nonetheless, several publicly traded companies hold minority interests in local crypto businesses.
Among these are Woori Technology and Hanwha Investment & Securities, both of which possess shares in Dunamu, the operator of the Upbit exchange.
South Korean Crypto-related Stocks on the Rise
On October 29, Woori Technology’s stock price increased by more than 14%, while Hanwha Investment & Securities finished the trading session up 7.53%.
Woori Technology share prices on the Korea Exchange over the past three months. (Source: Naver Finance)
The former is an investment company that has supported various fintech and blockchain-related startups since its establishment in 2022.
Hanwha Investment & Securities, on the other hand, is a subsidiary of the Hanwha Group, one of the largest conglomerates in the country.
This firm specializes in wealth management and asset management services, including real estate investments.
WIZIT, a provider of display and semiconductor manufacturing equipment parts, also saw significant price increases.
The company’s subsidiary T Scientific holds shares in Bithumb Korea, which operates the Bithumb trading platform. WIZIT shares rose by 7.76% on October 29.
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S Korean Firms Experience Gains: US Elections Fueling BTC Enthusiasm?
Galaxia Moneytree, a financial services provider, also reported substantial gains of 10.66%. The company is engaged in security token operations.
In April 2021, Galaxia Moneytree co-launched the first Bitcoin-based payments service in the country.
Trading volumes on Upbit have also increased, nearing the $2 billion threshold. Bitcoin constitutes over 17% of the trading volume on the platform at the time of this report.
Trading volumes on Upbit over the past week. (Source: CoinGecko)
South Korean media sources, including CNB Journal, have linked the surge in BTC prices—and the corresponding rise in South Korean stock prices—to developments in Washington.
Bank of Korea Governor Rhee Chang-yong indicated that economic growth might be closer to 2.2% this year, a downgrade from a previous estimate, as policymakers remain vigilant regarding the current economic conditions https://t.co/TsQkvPkJPN
— Bloomberg Markets (@markets) October 29, 2024
They suggest that enthusiasm surrounding the US Presidential Elections is supporting the markets. Both leading candidates, Kamala Harris and Donald Trump, have made several crypto-related commitments in their platforms.
@RobinhoodApp is entering the election betting space, allowing users to place bets on the 2024 presidential race between @realDonaldTrump and @KamalaHarris!#Robinhood #Polymarket #USelectionhttps://t.co/gX1DNbO567
— Cryptonews.com (@cryptonews) October 28, 2024
The media outlet stated:
“Positive developments are anticipated in the cryptoasset market regardless of the election outcome, whether Republican candidate Donald Trump or Democratic candidate Kamala Harris secures victory.”
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