BitMine’s Tom Lee Warns KOSPI Slump Could Hit Crypto

Korea's exchange paused program selling for five minutes, the first sidecar in almost two months, as Samsung and SK Hynix slid 5% and 6%. Tom Lee warned on October 13 that South Korea’s stock market sell-off could spill into crypto as falling equities trigger brokerage margin liquidations and pressure investors who hold digital assets. His warning came as the KOSPI extended its losses, Bitcoin fell to $81,000 before recovering, and leveraged crypto traders suffered hundreds of millions of dollars in liquidations. South Korea Sell-Off Raises Crypto Contagion Fears “This major decline in Korean equities likely spilling into crypto,” Lee wrote in a post on X, pointing to two potential channels: margin liquidations in brokerage and the fact that Koreans are major holders of crypto. He summed up the near-term risk in two words: “Short-term pain.” The sell-off intensified during Tuesday’s Asian trading session, with the Korea Exchange triggering a five-minute sidecar, temporarily restricting program selling after the KOSPI fell 5%. Losses in South Korean equities hit around $150 billion as the index dropped 4.5% within minutes, with Samsung and SK Hynix, which together account for about ...