In the domestic stock market, cryptocurrency-related stocks are showing a broad decline in the morning session on the 19th. This is because Jerome Powell, the Chair of the U.S. Federal Reserve (Fed), noted that he has no intention of hoarding Bitcoin, causing the price of Bitcoin to drop below $100,000.
Hanwha Investment & Securities stocks were traded at 3,680 won on the KOSPI market at 11:40 a.m. on the same day. The stock price fell by 5.88% (230 won) compared to the previous day. Hanwha Investment & Securities is considered a cryptocurrency-related stock as it holds equity in Dunamu, which operates the cryptocurrency exchange Upbit.
At the same time, Woori Technology Investment, Com2uS Holdings, and WeMade are also experiencing declines in their stock prices. Woori Technology Investment also holds equity in Dunamu, while Com2uS Holdings has equity in the cryptocurrency exchange Coinone, and WeMade is issuing its own cryptocurrency, Wemix.
The price of Bitcoin fluctuated after the Federal Open Market Committee (FOMC) regular meeting on the 18th (local time) when it was revealed that the Federal Reserve Commissioners lowered their outlook for the number of interest rate cuts in 2025 from 'baby cut' (0.25 percentage point cut) 4 times to 2 times.
After the FOMC meeting, Chair Powell said at a press conference, “We do not allow ownership of Bitcoin,” further increasing the drop in Bitcoin prices. Earlier, President-elect Donald Trump noted that Bitcoin could be strategically hoarded like oil, causing Bitcoin prices to soar, but it is interpreted that Powell put the brakes on that.
According to CoinMarketCap, a global cryptocurrency market tracking site, Bitcoin is currently trading at $99,364, down 5.87% from the previous day as of 11:30 a.m.