Bitcoin Rebound Boosts South Korean Crypto Stocks for Second Day
South Korean cryptocurrency stocks rebounded for a second consecutive day on September 22, following a price increase in major digital assets. BITPLANET (049470) was trading at 3,395 won on the KOSDAQ, up 23.23% from the previous session.
The company's stock rose to its daily price limit, with other cryptocurrency-related shares also surging across the board. Woori Technology Investment (041190), a shareholder of Upbit operator Dunamu, was up 7.17%, while Hanwha Investment & Securities was up 4.94%.
The rebound in prices is attributed to Bitcoin's price recovery, which has seen it rise over 10% in the past week. At the same time on CoinMarketCap, Bitcoin was traded at $86,443, up 6% from 24 hours earlier. Ethereum also rose 3.64% to $2,772.
The recent increase in prices comes after investor sentiment revived following U.S. financial authorities' move to refine regulations. The Commodity Futures Trading Commission (CFTC) sent a new regulatory proposal governing crypto transactions and markets to the White House for review, while the Securities and Exchange Commission (SEC) granted conditional exemptions to 'stock tokens.'