Market updates: crypto stocks surge as Bitcoin sees gains

[Photo by MK DB]

South Korean crypto stocks jumped early Tuesday following news that Bitcoin gained more than 5 percent overnight amid expectations that the leading crypto stock could benefit from a Donald Trump presidency in the United States.

Woori Technology Investment shares were trading at 9,140 won ($6.56) per share, up 7.53 percent from the previous trading day. The company holds a stake in Dunamu, the operator of Upbit, Korea’s largest cryptocurrency exchange. Shares of Hanhwa Investment & Securities Co., another stakeholder in Dunamu, rose 3.09 percent to 3,665 won per share.

According to the U.S. cryptocurrency exchange Coinbase, Bitcoin shares were trading at around $64,700 at 9:15 a.m., up 7.42 percent from a day earlier. The shares hit a high of $73,800 in March 2024 and had been in a downward trend but gained momentum on speculation that the assassination attempt on Trump, which he escaped from relatively unscathed, increased his lead in betting odds over incumbent President Joe Biden.

Meanwhile, Sonid Inc. shares hit a new 52-week low in early Tuesday.

Sonid’s shares were trading at 1,055 won per share, down 29.19 percent from their previous price, hitting an intraday low of 1,054 won per share. Following the close of the previous day’s trading, Sonid announced a capital reduction, converting ten shares of common stock into one single share of the same par value to preserve losses and improve its financial health.