Dunamu, Bithumb shares hit yearly lows amid trading slump, tax uncertainty
Shares of Korea’s cryptocurrency exchange operators have hit their lowest levels of the year, with weak trading activity hurting earnings and uncertainty surrounding next year’s crypto tax further dampening sentiment, according to industry officials, Tuesday. The industry is calling for a tax deferral and clearer rules, but the government is maintaining its plan to begin taxation next year.…
Cryptocurrency exchange operators in South Korea have reached their lowest levels for the year, according to industry officials. The recent slump in trading activity has led to reduced earnings, while the uncertainty surrounding the country's upcoming crypto tax has further dampened investor sentiment. In an effort to address these concerns, the industry is advocating for a tax deferral and the establishment of clearer rules.
However, the government remains committed to implementing the tax next year, despite the industry's objections.
Dunamu, the operator of Upbit, the largest cryptocurrency exchange in the country, saw its shares trading at 241,000 won ($181) on Tuesday. Although this represents a slight increase from its yearly low of 236,000 won last Friday, the stock is still significantly lower than the 370,000 won price it reached when Upbit merged with Naver Financial last November. Despite this decline, Dunamu's shares have not reached the 370,000 won mark since the merger announcement.
Bithumb, the second-largest exchange operator in South Korea, is currently trading at a range of 140,000 won. This is a considerable drop from the approximately 350,000 won price tag in November of the previous year. The decline in Bithumb's stock value began following an erroneous bitcoin payout in February, which caused the shares to plummet to around 220,000 won. Since then, the shares have struggled to regain their footing, remaining weak amidst the ongoing challenges faced by the cryptocurrency market.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
