South Korea’s KOSPI has erased more than Bitcoin’s market cap in 29 days

South Korea’s KOSPI index has lost more than the entire market capitalization of BTC in the past 29 trading days.

As of today’s opening, it’s price was ₩6,089, down 35% from an all-time high of ₩9,385 on June 19. This means that constituents of the country’s benchmark index have lost more than the $1.3 trillion value of all circulating BTC in less than 30 trading sessions. 

Specifically, market caps of the index’s constituents have declined from ₩7,670 trillion ($5 trillion) on June 19 to today’s ₩4,960 trillion ($3.4 trillion).

Although the decline was 35% denominated in won, the drop was only 32% in USD due to exchange rate fluctuations. Still, by either measure, the loss exceeds the total market cap of BTC.

Losses in South Korea’s speculative, crypto-friendly, and AI-focused stock market have been as spectacular to the downside as they were meteoric earlier this year.

Within yesterday’s trading session alone, the country’s stock index lost 10.8% of its value, extending losses since June 19 when the index hit an all-time high of ₩9,385.

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