Bitcoin Surges Above $80,000 as South Korean Crypto Stocks Rebound
Crypto stocks have rebounded in South Korea following Bitcoin's reclaim of the $80,000 level. The cryptocurrency surged more than 5% last week, lifting it back above the key threshold. Domestic exchanges saw Bitcoin prices climb to the 111 million won range on the 21st.
Woori Technology Investment (041190) led the gains, rising 11.97% from the previous session. T Scientific (057680) and Galaxia MoneyTree (094480) also performed well, increasing by 7.95% and 6.01%, respectively. Hanwha Investment & Securities (003530) added 3.67% to its value.
The rebound is attributed to recovering risk appetite after the US Congressional effort to pass crypto market legislation failed. Financial regulators have instead accelerated rulemaking using their existing powers. The Commodity Futures Trading Commission (CFTC) has sent new rules to the White House Office of Management and Budget for review, while the Securities and Exchange Commission (SEC) granted conditional regulatory relief to five stock-token trading platforms.
Strategy, the world's largest corporate holder of Bitcoin, rose 16.39% on the New York market last week. US crypto exchange Coinbase gained 11.66%, with Robinhood climbing more than 9%. Market attention has shifted from the failed CLARITY Act to follow-up rulemaking.