Kospi Plummets to Historic Lows as Bitcoin Unexpectedly Bounces Back

South Korea's Kospi index plummeted by over 10% on July 28th and another 5.98% on July 29th, marking the worst two-day crash in its history.

The heavyweights of SK Hynix, a leading tech stock, suffered a cumulative loss of around 23% over the two days.

Nasdaq plummeted along with the global semiconductor sector, and leveraged ETFs crashed en masse.

At the same time, Bitcoin unexpectedly bounced back by around 15% from its July 1st low of $5.78 million to a high of around $6.63 million near the end of July.

The reason behind this stark contrast between stock and cryptocurrency markets lies in the fact that investors withdrew funds from tech stocks and flowed into gold, with Bitcoin being left out of the safe-haven rush for now.