Tom Lee from BitMine warned on October 13 that South Korea’s stock market sell-off could spread to cryptocurrency markets, as investors facing margin calls on their stock positions may be forced to sell their digital assets. The KOSPI plunged more than 15% over five days, inflicting approximately $150 billion in losses on South Korean equities. This sell-off triggered roughly $810 million in crypto position liquidations in 24 hours, affecting 173,611 traders, 85% of whom had long positions. Bitcoin fell to $81,000 before rebounding, while Lee highlights that Koreans, being major crypto holders, represent an additional risk factor for the digital asset market.
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