Today in Markets: Sayonara Shorts

Bankless market analysis for November 6, 2023

Jack Inabinet Nov 6, 2023 • 1 min read

South Korean financial authorities have banned short-selling until next June. The Korean tech index (KOSDAQ) posted its largest single-day gain in history, but the move begs the question: is crypto the only free marketplace?

JUST IN: The Korean tech index jumped 12% today after South Korea announced that short selling is banned until June 2024.

The index just posted its largest single-day gain in history.

This comes after the index was down a massive ~32% since July 26th.

To put this in… pic.twitter.com/Gku8PWnmDW
— The Kobeissi Letter (@KobeissiLetter) November 6, 2023

The stated intention of the measure is to eliminate naked short selling, a practice that is already illegal in Korea – involving shorting shares without actually borrowing them, but the ban will apply to all short selling.

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Written by Jack Inabinet

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Analyst at Bankless. Exploring the frontier. I enjoy learning and writing about the hottest topics in crypto, ranging from blockchains to DeFi to RWAs.