Macro· ★★★· bearish·

South Korea's KOSPI drops 4% on AI spending fears, crypto may feel the spillover

  • —KOSPI closed down 4%, KOSDAQ 3.3%, erasing Monday's rebound
  • —SK Hynix fell 4.2% and Samsung Electronics nearly 3% on AI spending doubts
  • —South Korean crypto exchanges had over 11 million trading accounts as of late June
  • —Tom Lee warns margin calls on Korean equities could spill into crypto selling
Why it matters: Korean retail investors are heavy participants in both equities and crypto, so a fresh wave of margin calls could add selling pressure on bitcoin and altcoins.
#BTC
Source: Crypto Insiders
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