Bitcoin’s Trump-Inspired Rally Is Bad News for Korean Small Caps
- Retail-driven Kosdaq index has lost more than 20% this year
- Local crypto volumes higher than benchmark stock trading
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Bitcoin’s breakneck rally since the recent election victory of Donald Trump is piling pressure on a far-flung corner of the capital markets: small cap stocks in South Korea.
The cryptocurrency has jumped nearly 35% since Trump’s election win on Nov. 5, while the small cap-dominated Kosdaq Index has fallen 8%, putting it on track to be Asia’s worst performing index this year.