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.…
Korea's cryptocurrency exchange operators have reached their lowest share prices for the year, as a combination of low trading volumes and tax uncertainty have dampened investor confidence, according to industry sources on Tuesday. The sector is advocating for a delay in the proposed tax and for the government to provide clearer guidelines, although the authorities remain committed to initiating taxation in the coming year.
Based on data from Naver Pay's private stock trading portal, Dunamu, the firm operating Korea's most significant cryptocurrency exchange, Upbit, saw its shares drop to 241,000 won ($181) on Tuesday. The price experienced a slight increase from its lowest point of 236,000 won reached last Friday but remained far below the 370,000 won level recorded when Upbit merged with Naver Financial in November.
Bithumb, the second-largest exchange operator in the country, is currently trading between 140,000 won ($105) and 150,000 won ($112), a stark contrast to the approximately 350,000 won (~$265) they commanded in November. The price decline has been particularly severe since a botched bitcoin distribution in February, which sent the shares plummeting to around 220,000 won ($166). The downward trend follows a period of sluggish cryptocurrency trading, which has put considerable pressure on the industry.
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.
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