[Edaily Reporter Kim Kyung-eun ] With the price of Bitcoin surpassing $70,000, domestic cryptocurrency-related stocks are all on the rise.
Bitcoin image (Photo: Yonhap News)
According to MP Doctor on the 21st, as of 9:20 a.m. that day, Woori Technology Investment Co., Ltd(041190)was trading at 5,550 won, up 615 won (12.46%) from the previous close. Woori Technology Investment Co., Ltd. is a major shareholder of Dunamu, which operates the domestic virtual asset exchange Upbit.
At the same time, SINSIWAY CO., LTD.(290560)was trading at 1,174 won, up 126 won (12.02%) from the previous trading day. MAXST CO., LTD(377030) was also trading at 1,831 won, up 205 won (12.61%) from the previous close.
This is interpreted as a result of crypto-related stocks rising across the board in response to the upward trend in Bitcoin prices. Earlier this morning, Bitcoin was trading around the $73,000 mark on the U.S. cryptocurrency exchange Coinbase. This represents a 5.5% increase from the previous day and a rise of over 15% compared to a week ago. On the domestic exchange Bithumb, the price of Bitcoin surpassed 100 million won on the afternoon of the 20th.
This rise is believed to be driven by the U.S. Treasury Department’s announcement on the 19th (local time) that it would at least double the scale of its Treasury bond buybacks. Analysts suggest that funds are flowing into risky assets as a result of the increased market liquidity.
Expectations of relaxed U.S. cryptocurrency regulations also played a key role. U.S. President Donald Trump met with executives from the cryptocurrency industry at the White House on the 19th (local time) and subsequently urged Congress to swiftly pass the “CLARITY Act,” a bill aimed at easing cryptocurrency regulations, thereby stimulating investor sentiment.
As prices rose, a “short squeeze”—in which short positions betting on a decline were forcibly liquidated—occurred, further amplifying the gains.
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