Crypto Stocks Jump as Bitcoin Reclaims $80,000; Woori Technology Investment Up 12%

Korean crypto-related stocks rallied across the board in early trading as bitcoin reclaimed the $80,000 level. Analysts attribute the move to recovering risk appetite after the market absorbed the shock of a failed U.S. congressional effort to pass crypto market legislation, with financial regulators instead moving faster to advance rulemaking using powers they already hold.

Woori Technology Investment (041190) was trading at 6,080 won as of 9:21 a.m. on the 21st, up 11.97% from the previous session, according to the Korea Exchange. T Scientific (057680) rose 7.95%. Galaxia MoneyTree (094480) gained 6.01% and Hanwha Investment & Securities (003530) added 3.67%. Woori Technology Investment holds a stake in Dunamu, the operator of the Upbit exchange, while T Scientific holds Bithumb-related stakes, making both among the most representative crypto-related stocks in Korea.

Buying interest was stirred by bitcoin's jump of more than 5% late last week, which lifted the cryptocurrency back above $80,000. On domestic exchanges, bitcoin climbed to the 111 million won range on the 21st. Prices had corrected sharply after the CLARITY Act, a bill that would establish a regulatory framework for the U.S. crypto market, failed to clear a procedural vote in the Senate on the 15th, but the losses have since been recouped.