[Edaily Reporter Kim Kyung-eun ] Domestic virtual asset-related stocks are on the rise amid a sharp surge in Bitcoin prices.
On the 24th, the prices of major cryptocurrencies, including Bitcoin, were displayed on the price board at the Bithumb Gangnam Lounge in Seocho-dong, Seoul. (Photo by Reporter Bang In-kwon)
According to MP Doctor on the 25th, as of 9:57 a.m. that day, SGA Co.,Ltd(049470)was trading at 2,410 won, up 260 won (12.09%) from the previous trading day.
At the same time, cryptocurrency-related stocks such as Woori Technology Investment Co., Ltd(041190)(up 10.39%) and SINSIWAY CO., LTD.(290560)(up 8.56%) were also on the rise.
This is interpreted as a result of Bitcoin’s price surging to nearly $80,000, which has stimulated investor sentiment.
According to the U.S. cryptocurrency exchange Coinbase, the price of one Bitcoin rose to $79,987 as of 11:30 a.m. Eastern Time today.
This represents a surge of more than 20% compared to a week ago. As recently as the 18th, the price of Bitcoin had remained range-bound in the low $60,000s.
On the 24th (local time), The Wall Street Journal (WSJ) reported that the U.S. Treasury Department’s recently announced long-term Treasury bond buyback policy and the Trump administration’s relaxation of cryptocurrency regulations are being pursued under the same economic objective. The plan is to alleviate the fiscal burden caused by national debt—which recently surpassed $40 trillion (5,530 trillion won)—by growing the stablecoin market and thereby increasing demand for short-term Treasury bonds.
It is anticipated that the “Clarity Act”—which President Trump recently pushed for congressional passage by inviting Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, to the White House—will play a role in driving demand for stablecoins.
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