Bitcoin fell to $62,000 in a sharp risk-off move tied to a 10% collapse in South Korea's Kospi index, with the synchronized selloff pointing to macro contagion rather than crypto-specific weakness. The $700 million in forced liquidations across the market suggests the move was accelerated by margin cascade mechanics, meaning the sell pressure may be artificially amplified beyond fundamental repricing.

The key second-order question is whether the liquidation flush clears the deck for stabilization or whether macro headwinds — particularly out of Asia — continue to pressure risk assets globally. Watch for further liquidation data, BTC open interest levels, and whether U.S. equity futures stabilize; a sustained Kospi/broader EM equity selloff would likely keep BTC under pressure.