Bitcoin surge gives Korean crypto stocks a boost

(Yonhap)

The recent re-election of former U.S. President Donald Trump has significantly impacted the cryptocurrency market, with Bitcoin topping $81,000 per coin. This surge has led to a notable increase in the stock prices of South Korean companies associated with cryptocurrencies.

Hanwha Investment & Securities was trading at 3,840 won ($2.75) as of 9:25 a.m. on Monday, up 8.17 percent from the previous session, and its preferred shares rose by 12.52 percent to 7,820 won. The company holds a stake in Dunamu, the operator of the country’s largest cryptocurrency exchange Upbit.

Similarly, Woori Technology Investment, which also has a stake in Dunamu, saw its shares increase by 7.18 percent. T Scientific, a shareholder in Bithumb’s operating company, saw a 16.34 percent rise, while its shareholder, WIZIT, climbed 8.22 percent. Blockchain firm Galaxia Moneytree also saw an 11.85 percent increase. Bithumb is another major Korean cryptocurrency exchange.

During his campaign, Trump pledged to position the United States as a leader in the cryptocurrency sector, advocating for regulatory relaxation. According to Coinbase, as of 1:25 p.m. EST on November 10th, 2024, Bitcoin hit the $81,110.99 mark and is seeing consecutive record highs following the election.