Bitcoin’s recovery above $80,000 (approximately ₩110 million) sent South Korean cryptocurrency-related stocks soaring across the board. The rally was attributed to a revival in risk appetite after a U.S. Federal Reserve official signaled the possibility of holding interest rates steady.
As of 9:55 a.m. on the 4th, according to the Korea Exchange, Wizit (036090) was trading at ₩1,465 (approximately $1.1), up ₩211 (16.83%) from the previous session. Woori Technology Investment (041190) rose ₩780 (13.66%) to ₩6,490 (approximately $4.8). Hanwha Investment & Securities (003530) jumped 11.97% to ₩5,240 (approximately $3.9), while Parataxis Ethereum gained 9.86% to ₩1,381 (approximately $1).
Bitplanet (049470), Galaxy MoneyTree (094480), and Danal (064260) also advanced 8.56%, 8.15%, and 7.65%, respectively. As the early-session momentum continued, the rally broadened further by around 10:30 a.m., with Woori Technology Investment extending gains to 10.86% and Galaxy MoneyTree to 11.59%.
These stocks are tied to the ownership structures of South Korea’s major cryptocurrency exchanges. Woori Technology Investment is a flagship related stock, holding a 7.20% stake in Dunamu, the operator of Upbit. Hanwha Investment & Securities also holds a stake in Dunamu. Wizit is the largest shareholder of T Scientific, which owns a stake in Bithumb Korea, the operator of Bithumb.
The direct catalyst for the price surge was Bitcoin’s reclaiming of the $80,000 level. According to global market data provider CoinMarketCap, Bitcoin was up 5.52% from the same time a day earlier at $81,250 (approximately ₩110 million). Intraday, it spiked to $82,100, marking its highest level since May. On South Korea’s Bithumb exchange, Bitcoin traded at ₩111.09 million (approximately $82,000), up 0.57% from the previous day.
The spark for this rally was a comment from Fed Governor Christopher Waller. He indicated that if the trend of easing inflationary pressure is confirmed, he could support holding the benchmark rate steady at the September Federal Open Market Committee (FOMC) meeting. Following his remarks, U.S. Treasury yields and the dollar declined while New York stocks rallied, drawing buying interest into Bitcoin and other risk assets.
With the recent rise in U.S. Treasury yields having stabilized, expectations are growing that even if rate-cut hopes fade, the likelihood of additional tightening remains limited. As a result, cryptocurrency investment sentiment that had been subdued is showing signs of recovery.
However, the potential for increased volatility following the sharp short-term rally is flagged as a risk factor. If the U.S. jobs report due later in the day comes in stronger than expected, rate-hike concerns could resurface and dampen risk appetite once again. Cryptocurrency-related stocks remain exposed to significant price swings depending on the direction of U.S. monetary policy and interest rate movements.