As the price of Bitcoin, the leading cryptocurrency, surpassed the $70,000 level, cryptocurrency-related stocks are also broadly rallying in the domestic stock market.
On the 21st on the KOSDAQ market at 9:27 a.m., Woori Technology Investment(041190) is trading at 5,860 won, up 925 won (18.74%) from the previous trading day.
BITMAX(377030) (16.24%) and Parataxis Ethereum(290560) (14.03%), and Danal (11.59%) are also surging. T Scientific (7.97%), GalaxiaMoneytree (5.12%), WIZIT (3.92%), and BITPLANET (3.71%)—other major related stocks—are likewise strong across the board.
The simultaneous rise of cryptocurrency theme stocks is seen as driven by recent positive news from the United States that buoyed Bitcoin prices. On the 19th (local time), the U.S. Treasury officially said it would increase Government Bonds buybacks by at least double, which appears to have had a decisive impact.
A Government Bonds buyback is a system in which the government repurchases Government Bonds circulating in the market to supply liquidity to specific maturity segments and to smoothly coordinate financial market functions. With this step, long-term bond yields stabilized lower, which analysts say spurred investors' appetite for risk assets.
Bitcoin at one point the previous day soared as much as 4.45% from 24 hours earlier to $72,774.03, the highest since early June.