KOSPI Crushes Bitcoin: South Korean Stock Market Suffers Historic Decline

South Korea's KOSPI index has been on a precipitous decline in recent weeks, with its market value plummeting more than that of Bitcoin (BTC) over the past 29 trading days. As of today's opening, the price of the KOSPI was ₩6,089, down 35% from an all-time high of ₩9,385 on June 19.

This decline means that constituents of South Korea's benchmark index have lost more than the $1.3 trillion value of all circulating BTC in less than a month. The 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).

The decline was 35% denominated in won, but only 32% in USD due to exchange rate fluctuations. This still exceeds the total market cap of BTC.