Upbit’s Hanwha Investment Records a Thee-Fold Increase in its Price Amid Ongoing Bullish South Korean Crypto Market
A minority investor stock in of the largest crypto asset exchanges in South Korea is the hottest performing stock in the whole country.
Minority Investor Stock Tops the Stock Performance Charts in South Korea
The current crypto asset frenzy of South Korea has been spreading its effects beyond the crypto asset market and affecting even the prices of the stocks in the stock exchanges of South Korea.
Bloomberg posted a report on Wednesday addressing this news. The report stated that the investment firm Hanwha Investment & Securities Co. had experienced a massive increment in the prices of their stocks. The prices of the company’s stocks have tripled compared to what they were at the start of the year.
This news is nothing but the truth, as the stock of Hanwha Investment & Securities Co. is currently being traded at a price of 6.55 Korean won per share. This means that the price of the stock has increased by almost 197% since the start of the year 2021.
This astonishing increase in the price of the shares of Hanwha Investment & Securities Co. places them at the top of the list for the best-performing stocks on the Composite Stock Price Index of Korea. The steep bullish trend of the company’s stock prices is speculated to be due to the association of Hanwha Investment & Securities Co. with crypto assets. The service provider of financial investments is currently holding a minor stake in Dunamu, which is the company that operates the crypto-asset exchange Upbit.
Dunamu, Upbit and Crypto Trading Surge Benefits
Upbit, along with Bithumb, Coinone and Korbit, are collectively known to be the ‘big four’ crypto-asset exchanges in South Korea, who control the majority of the market share of the crypto asset trading of the country.
The case of the increment of share prices of Hanwha Investment & Securities Co. is related to the country’s crypto trading frenzy is evident by the stock performances of other stakeholders backing Dunamu. Kakao Corp and Woori Tech both are stakeholders in Dunamu, and both of them have reported major gains in their stock prices in the recent past.