bloomingbit

The Nasdaq turned lower after a sharp intraday drop.
As of 11:48 p.m. on July 27, Yahoo Finance data showed the index down 0.55% from the previous close at 24,839.37.
The decline was driven by steep losses in major index components, particularly semiconductor stocks. Nvidia was trading at $198.85, down 3.88% from the previous session. SK Hynix ADRs fell 7.01%, while Micron dropped 4.99% and AMD lost 6.45%.

A South Korean court ruled that virtual assets paid to employees in exchange for ending a dispute with their employer early and keeping it out of public view were taxable gratuities rather than damages.
According to the legal community on July 27, the Seoul Administrative Court's Second Administrative Division, led by Presiding Judge Kong Hyun-jin, ruled against five former employees of Ground1, now Ground X, including a plaintiff identified only as A. The suit sought to overturn tax offices' refusal to revise their comprehensive income tax assessments.
A and the other plaintiffs worked at Ground1, Kakao's blockchain affiliate, before accepting recommended resignations in September 2020 after conflicts with the company over job reassignments and organizational restructuring. In addition to severance pay, retirement consolation payments and compensation for unused annual leave, the company paid them virtual assets it had issued. After reporting and paying comprehensive income tax on the assets, they sought a reassessment and a refund of about $8 million, arguing the payment was a dispute settlement stemming from an unfair labor practice or damages. They filed suit after the tax authorities rejected the request.
The court focused on language in the resignation agreement stating that the company would provide virtual assets if the employees refrained from conduct that could damage the company's reputation, including media interviews.
The panel said the plaintiffs received the virtual assets in addition to ordinary severance pay in return for stopping conduct that could harm the company's reputation. The payment was made as a gratuity for ending the dispute early and maintaining confidentiality, the court said, making it taxable as "other income" under the Income Tax Act.
Lee In-hyuk, Hankyung.com reporter twopeople@hankyung.com

Bitcoin climbed back above $65,000 after the US and Iran held off on military strikes for a second straight day.
CoinDesk reported on July 27 that Bitcoin was trading in the $65,000 range, up about 1.2% from 24 hours earlier. Ether rose more than 3% to near $1,950, while other top-10 tokens by market capitalization, including Solana and XRP, gained 1% to 2%. International oil prices, by contrast, dropped about 5%.
The US and Iran had agreed to a temporary ceasefire earlier in the second quarter after clashes began in late February, but fighting soon resumed. Iran has reportedly signaled that it would also stop its airstrikes if the US halts its bombing campaign.
Vikram Subburaj, chief executive officer of crypto exchange Giottus, said prices are also reacting to macroeconomic trends. Brent crude has fallen 4.7%, easing some inflation concerns, but the Federal Reserve's July 28-29 meeting remains the immediate risk. The market is pricing in a 36.3% chance of a 25-basis-point rate increase. Ether's gain of more than 3% suggests some money is rotating into altcoins, but Bitcoin dominance remains at 58.6%, indicating it is still too early to call it a broad altcoin rally, he added.
Joao Wedson, founder and chief executive officer of analytics platform Alphractal, wrote on X that the stretch from Bitcoin's halving to the next bear-market bottom has lasted about 900 days in each cycle. The current cycle is already on day 827. If that pattern holds, Bitcoin is already in the process of forming a bottom, with a final low potentially emerging within the next two months.

U.S. spot Bitcoin and Ether exchange-traded funds posted weekly net inflows for a third straight week.
Wu Blockchain reported on July 27 that U.S. spot Bitcoin ETFs recorded net inflows of $33.79 million in the week of July 20 to July 24. U.S. spot Ether ETFs drew net inflows of $104 million over the same period, also extending their streak to three consecutive weeks.
Major altcoin spot ETFs also attracted fresh money. Spot Solana ETFs posted net inflows of $7.2 million, while spot XRP ETFs saw net inflows of $8.15 million.
By contrast, spot Hyperliquid ETFs recorded net outflows of $8.61 million during the same period.

The US Senate has about two weeks to pass the CLARITY Act, legislation that would set the market structure for digital assets, as Democrats and Republicans remain at odds over a key ethics provision.
CoinDesk reported on July 26 that lawmakers released a new amendment to the CLARITY Act combining two drafts developed separately by the Senate Banking Committee and the Senate Agriculture Committee. The revised measure includes, for the first time, an ethics provision aimed at President Donald Trump that would bar senior public officials from issuing or sponsoring their own digital assets.
The ethics provision has won White House approval, but Democratic senators have not accepted it. Under the measure, Trump would have to sell the related business within one year or place it in a blind trust, with the Justice Department responsible for enforcement. Democrats argue it is hard to trust the department to act independently while a sitting president remains in office. They also object that the provision would lapse as soon as the next president takes office, making any later retroactive application impossible. Democrats also have reason to keep the issue alive ahead of this year's midterm elections, given Trump's $1.4 billion in crypto income last year.
Backers of the bill are emphasizing the significance of the ethics language. Republican Senator Cynthia Lummis said the provision would apply not only to Trump but also to a broad range of public officials and federal judges. Patrick Witt, the White House's crypto adviser, called it the broadest ethics provision ever approved by a US president.
The procedural window is also tight. Senate aides from both parties and crypto industry officials contacted by CoinDesk expect a motion to begin debate to be filed on Monday or Tuesday. For a vote to take place before the Senate's summer recess on Aug. 7, the motion would have to be submitted no later than Wednesday. Kristin Smith, president of the Solana Policy Institute, said the recess deadline is a powerful negotiating tool.
Elizabeth Warren, the top Democrat on the Senate Banking Committee, said in a statement that the revised bill should be "thrown in the trash immediately." She cited investor protection, national security provisions and Trump's crypto conflicts of interest as reasons for her opposition. The crypto industry is urging lawmakers to pass the measure, arguing that if it fails, investor safeguards would disappear.

Global financial markets this week will zero in on earnings from major US technology companies and the outcome of the Federal Open Market Committee meeting. Crypto markets are also poised to react to signals on artificial intelligence investment and the path of interest rates.
From July 27 to July 31, major US technology companies including Microsoft, Meta Platforms and Amazon.com are due to report second-quarter results. Investors are focused less on the earnings figures themselves than on capital expenditure plans, the pace of AI infrastructure spending and changes in free cash flow.
Alphabet earlier posted results that beat market expectations, but its free cash flow turned negative for the first time on record as it increased spending on AI infrastructure. That has made the hit to profitability from heavier AI investment a key variable this earnings season.
The Federal Reserve will hold its FOMC meeting on July 28-29 to set benchmark interest rates. CME FedWatch data show markets are pricing in a high probability that rates will remain unchanged. At a press conference scheduled for early July 30 in Korea, Fed Chair Kevin Warsh will be closely watched for signals on the timing of future rate cuts and the central bank's response to inflation pressures from higher oil prices.
The Middle East is another variable. If tensions between Saudi Arabia and Houthi rebels escalate, pressure on international oil prices could continue to build. That could weigh on sentiment toward risk assets.
In Chinese equities, ChangXin Memory Technologies, China's largest DRAM maker, will list on July 27. Later in the week, investors will watch the Chinese Communist Party Politburo meeting for signs of additional economic stimulus or industry support measures.

Hanwha raises Dunamu stake to 9.84%; Samsung affiliates acquire 4%
Brokerages speed up issuance and trading platforms before February law takes effect
South Korea’s securities industry is intensifying its race to secure an early lead in security tokens, or STOs, before the market enters the regulatory mainstream next February. Mirae Asset Group has taken control of Korbit, while Korea Investment & Securities, Samsung Securities and Hanwha Investment & Securities have also invested in major cryptocurrency exchanges. Exchange stakes do not automatically grant authority in the security-token business, but brokerages aim to use related technology and infrastructure in broader digital-asset ventures.
Korbit Begins Anew as Digital X Under Mirae Asset
Mirae Asset Consulting, a non-financial affiliate of Mirae Asset Group, completed its purchase of the remaining Korbit stake on July 24, raising its ownership to 97.15%, according to the financial investment industry. The company bought 28,495,701 Korbit shares for 141.37 billion won ($102.4 million), becoming the largest shareholder.
A day earlier, Mirae Asset unveiled Korbit’s new name, Digital X, and outlined plans to build an investment ecosystem spanning traditional finance and digital assets.
Park Hyeon-joo, Mirae Asset Group’s global strategy officer, wrote in a letter to employees that Digital X, under the banner of Mirae Asset 3.0, would take the lead in a sweeping wave of change. He added that the company would build a new investment ecosystem centered on tokenization of real-world assets, security tokens, stablecoins, and the integration of traditional and digital assets.
Korea Investment Joins Coinone; Hanwha and Samsung Add to Dunamu Bets
Korea Investment & Securities’ investment in Coinone recently cleared a regulatory hurdle. On July 22, the Financial Intelligence Unit under the Financial Services Commission accepted a filing for a change in Coinone’s largest shareholders involving Korea Investment & Securities and OKX Ventures, the investment arm of global cryptocurrency exchange OKX. The two companies each invested 80 billion won ($58 million) for stakes of about 20%, becoming joint third-largest shareholders.
Korea Investment & Securities plans to combine Coinone’s blockchain technology with its own capabilities in financial product structuring and internal controls to expand into digital-finance businesses including security tokens and stablecoins. In May, it sent requests for proposals to major operators to build its own security-token issuance platform covering conventional financial products such as bonds and money-market funds.
Investment in Dunamu has been concentrated among Hanwha Investment & Securities and Samsung affiliates in finance and information technology. Hanwha Investment & Securities bought an additional 3.90% stake in Dunamu in June for about 597.8 billion won ($433 million). That increased its holding from 5.94% to 9.84%, making it the third-largest shareholder after Dunamu Chairman Song Chi-hyung and Vice Chairman Kim Hyeong-nyeon.
This month, Hanwha also invested about 30 billion won ($21.7 million) in Digital Asset, the operator of the Canton Network, a financial blockchain backed by Goldman Sachs and the Depository Trust & Clearing Corp. It has also made a series of earlier investments in companies tied to digital-asset data, wallets and real-world-asset tokenization. Hanwha is developing a digital-asset platform called DAP for launch next year to support investment in assets including real estate, intellectual property and unlisted shares.
Samsung Securities, Samsung SDS and Samsung Card also decided in May to buy 1.39 million Dunamu shares held by a Kakao affiliate for a combined 612.8 billion won ($444.1 million). The deal would give Samsung Securities a 2% stake, while Samsung SDS and Samsung Card would each hold 1%. Samsung Securities plans to cooperate with Dunamu on security-token issuance and distribution as well as virtual-asset services. Samsung SDS will focus on blockchain-based financial infrastructure, and Samsung Card on payments.
Security-Token Rules Arrive Next February, Fueling Platform Buildout
Revisions to the Electronic Securities Act and the Capital Markets Act, which provide the legal basis for security tokens, passed the National Assembly in January. The amended laws are due to take effect next February, one year after promulgation. They will allow distributed-ledger-based securities ledgers and permit brokerage of investment-contract securities, whose distribution through securities firms had previously been restricted.
Large brokerages are moving not only to acquire stakes in cryptocurrency exchanges but also to build security-token issuance infrastructure. Mirae Asset Securities has completed a security-token mainnet through the Next Finance Initiative, or NFI, a consortium formed with Hana Financial Group and SK Telecom. Samsung Securities has also recently sent requests for proposals to major operators to build its own security-token platform.
Shinhan Securities signed a memorandum of understanding in February with Nextrade and seven major fractional-investment companies to cooperate on issuance and distribution in the fractional-investment market. NH Investment & Securities is preparing its business through the STO Vision Group, which includes 12 companies such as NongHyup Bank and K Bank. KB Securities is pursuing tokenization of traditional financial assets including corporate bonds, funds and trust beneficiary certificates.
In the secondary market, KDX and the NXT consortium are competing after receiving preliminary approval in February for over-the-counter fractional-investment exchanges. Both aim to apply for full approval in August and are building trading systems.
For now, brokerages remain in the market-entry phase, focused on buying exchange stakes and building platforms. For the security-token market to take root, the industry will need a steady supply of investable products and a reliable framework for valuing underlying assets.
Lee Jeong-hwan, a professor in the division of economics and finance at Hanyang University, said amendments to the Electronic Securities Act and the Capital Markets Act have made the formal adoption of security tokens more tangible, prompting brokerages to treat the sector as a future growth business and move early to capture market share. More competition among securities firms could broaden the range of products and services available to investors while lowering fees, he added.
Lee also said investors should remain cautious because many security tokens are backed by assets that are harder to value than shares in listed blue-chip companies such as Samsung Electronics and SK Hynix. Investors need to look beyond the name recognition of brokerages and platforms and closely examine the value of the underlying asset, the profit structure and the likelihood of trading.
Kim Yeon-ji, Hankyung.com reporter kongzi@hankyung.com

▶ July 27 (Mon.): U.S. June durable goods orders (9:30 p.m. Korea time) ▶ July 28 (Tue.): OPEC meeting (7 p.m. Korea time); U.S. trade balance (9:30 p.m. Korea time) ▶ July 29 (Wed.): U.S. crude oil inventories (11:30 p.m. Korea time) ▶ July 30 (Thu.): Fed rate decision (3 a.m. Korea time); Federal Open Market Committee statement (3 a.m. Korea time); EU preliminary GDP (6 p.m. Korea time); Bank of England rate decision (8 p.m. Korea time); U.S. preliminary second-quarter GDP (9:30 p.m. Korea time); U.S. June personal consumption expenditures price index (9:30 p.m. Korea time); U.S. initial jobless claims (9:30 p.m. Korea time) ▶ July 31 (Fri.): Bank of Japan rate decision (noon Korea time); EU July consumer price index (6 p.m. Korea time) ▶ July 27 (Mon.): ▶ July 28 (Tue.): HashKey (HSK) x Morpho partnership ▶ July 29 (Wed.): ▶ July 30 (Thu.): Ether.fi analyst call ▶ July 31 (Fri.): Ethereum Name Service (ENS) delegation rewards program; Avalanche (AVAX) Retro9000 C-Chain round conclusion; Hedera (HBAR) Consensus Node v0.75 release