Concerns over interest rate hikes by the U.S. Federal Reserve have eased, improving investor sentiment towards risk assets, leading to a strong performance by Hanwha Investment & Securities, which is associated with cryptocurrencies.
As of 9:40 a.m. on September 4, Hanwha Investment & Securities shares were trading at 5,230 won, up 550 won (11.8%) from the previous trading day.
The surge in Hanwha's stock is attributed to comments from Christopher Waller, a member of the U.S. Federal Reserve, who expressed support for keeping interest rates steady. Following Waller's remarks, the likelihood of a rate freeze in September increased from 37.6% to 49.6%, according to the CME FedWatch tool.
As a result, Bitcoin's price rose by 5.6% compared to the same time the previous day, surpassing $81,000.
Hanwha Investment & Securities holds a stake in Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, making it a prominent beneficiary in the cryptocurrency market. Earlier, Hanwha decided to acquire an additional 1,361,050 shares of Dunamu from Kakao Investment for approximately 597.8 billion won, increasing its ownership from 5.94% to 9.84%.
In addition to Hanwha, other cryptocurrency-related stocks, such as Woori Technology Investment (up 14.9%) and Danal (up 8.4%), are also experiencing gains.
As of 9:40 a.m. on September 4, Hanwha Investment & Securities shares were trading at 5,230 won, up 550 won (11.8%) from the previous trading day.
The surge in Hanwha's stock is attributed to comments from Christopher Waller, a member of the U.S. Federal Reserve, who expressed support for keeping interest rates steady. Following Waller's remarks, the likelihood of a rate freeze in September increased from 37.6% to 49.6%, according to the CME FedWatch tool.
As a result, Bitcoin's price rose by 5.6% compared to the same time the previous day, surpassing $81,000.
Hanwha Investment & Securities holds a stake in Dunamu, the operator of South Korea's largest cryptocurrency exchange, Upbit, making it a prominent beneficiary in the cryptocurrency market. Earlier, Hanwha decided to acquire an additional 1,361,050 shares of Dunamu from Kakao Investment for approximately 597.8 billion won, increasing its ownership from 5.94% to 9.84%.
In addition to Hanwha, other cryptocurrency-related stocks, such as Woori Technology Investment (up 14.9%) and Danal (up 8.4%), are also experiencing gains.
* This article has been translated by AI.
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