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South Korea’s cryptocurrency market reacts more sensitively to moves in U.S. stocks than to changes in the KOSPI, Digital Asset reported, citing a Bank of Korea study. The study found that when the S&P 500 moves 1%, BTC moves about 0.57% and ETH about 0.80% over the same period.
By contrast, when the KOSPI moves by 1 percentage point, Bitcoin moves just 10.14 basis points, or 0.1 percentage point, and Ethereum 12.52 basis points, or 0.13 percentage point. The link to U.S. stocks was about 5.6 times stronger than the KOSPI for Bitcoin and about 6.4 times stronger for Ethereum. The paper said this may reflect the influence of shared factors such as global risk appetite and liquidity on both U.S. equities and South Korea’s digital asset market.