Bitcoin Rose to $64,000 as Record Chip Plunge in Korea Left Cryptocurrency Unscathed
Bitcoin rose 1% to around $63,800 on Wednesday, even as Asian stock markets experienced one of their worst periods this year. This marked the second time in a week that the cryptocurrency weathered a sharp downturn in AI-related trading. Ethereum, XRP, and BNB also saw gains, while Hyperliquid's HYPE token fell.
The stock market damage was concentrated in chipmakers. South Korea's index plunged 11% following an 11% drop the previous day, a record two-day decline. Shares of SK Hynix fell around 17% despite reporting a 557% surge in quarterly profit, which still missed high expectations. Samsung shares also dropped 12% on Thursday.
While cryptocurrencies have recently moved in tandem with these tech stocks, this correlation has broken twice recently. Bitcoin barely weathered a sell-off in major tech stocks last week and rose this week amid the chip slump, suggesting a potential shift worth monitoring, though not yet a proven decoupling.
Bitcoin briefly dipped below $63,000 after the U.S. Senate delayed a key crypto market structure bill. Market focus now turns to the Federal Reserve's rate decision, with markets pricing in a low probability of a hike, followed by upcoming PCE inflation data, Q2 GDP figures, and another round of big tech earnings.
cryptonews.ru07/29 10:11