---
title: "Former Fidelity Executive Says South Korean Index’s 10% Crash Pulled BTC Below $60,000"
url: https://thecoingazette.com/former-fidelity-executive-says-south-korean-indexs-10-crash-pulled-btc-below-60000/
date: 2026-06-25
modified: 2026-06-25
lang: en
author: "Coin Gazette Editorial"
description: "Mike McCluskey argues that bitcoin’s slide is due to its high-beta relationship with tech equities rather than broken crypto-native fundamentals. The Seoul-to-Nasdaq Contagion On Tuesday, June 23, the South Korean..."
categories:
  - "Crypto News"
tags:
  - "Bitcoin (BTC)"
  - "Featured"
  - "Markets and Prices"
  - "South Korea"
image: https://thecoingazette.com/wp-content/uploads/2026/06/former-fidelity-executive-says-south-korean-indexs-10-crash-pulled-btc-below-60000.jpg
word_count: 56
---

# Former Fidelity Executive Says South Korean Index’s 10% Crash Pulled BTC Below $60,000

![Mike McCluskey Warns Bitcoin Tracks Chip Sell-Off as Kospi Crash Sends BTC to $59,018](https://static.news.bitcoin.com/wp-content/uploads/2026/06/kospi-circuit-breaker-june-23-768x432.jpg)Mike McCluskey argues that bitcoin’s slide is due to its high-beta relationship with tech equities rather than broken crypto-native fundamentals. The Seoul-to-Nasdaq Contagion On Tuesday, June 23, the South Korean index, Kospi, plunged by more than 8%, triggering a Level 1 circuit breaker. The sharp drop was attributed to a severe global semiconductor stock correction, […]