Former Fidelity executive links Kospi’s 10% plunge to bitcoin drop below $60,000

Mike McCluskey said bitcoin’s decline reflects its high-beta linkage to tech stocks, not a breakdown in crypto-specific fundamentals. On Tuesday, June 23, South Korea’s Kospi fell more than 8% and triggered a Level 1 circuit breaker amid a sharp global semiconductor selloff. McCluskey argued the shock spread from Seoul to the Nasdaq and helped drive BTC down to $59,018.