KOSPI: -7% Drop Sends Bitcoin Lower
Michaël van de Poppe reports that South Korea’s KOSPI fell another 7 percent, extending its decline to 40 percent from the June 19 record high and triggering fresh selling in Bitcoin and altcoins.
SourceAnalysis
KOSPI fell another -7% as tech stocks dropped sharply, pushing the index down -40% from its June 19 record high. Michaël van de Poppe noted the move unwinds risk positions held by investors exposed to the Korean benchmark, driving renewed selling in Bitcoin and altcoins. The correction has little to do with crypto fundamentals and stems directly from the broader risk unwind tied to KOSPI holdings.
Michaël van de Poppe
@CryptoMichNLMacro-Economics, Value Based Investing & Trading || Crypto & Bitcoin Enthusiast