On Wednesday, Bitcoin remained around $64,250, slightly rising for the day and up 1% for the week, while the global sell-off in chipmaker stocks had virtually no impact on the cryptocurrency market.
To date, Solana showed the strongest growth among major cryptocurrencies, rising 2% to nearly $77 and almost 1% for the week. Ethereum gained 1% to just over $1900, leading weekly gains at 1.5%. XRP recovered nearly 1% to just under $1, though it is still down 2% for the week. Tron rose 0.5% to 33 cents, and Dogecoin rose to 7 cents.
BNB decreased slightly to just over $600, falling 2% for the week. Hyperliquid (HYPE) fell more than 1% to just over $58, but still leads all major cryptocurrencies for the week with a 7% gain.
Samsung Electronics (005930) and SK Hynix (000660) stocks fell more than 7% in Seoul, causing the Korean Kospi index to drop more than 6% and the MSCI Asia Pacific index to fall 2%.
The Asian semiconductor company index fell more than 3% after the Philadelphia Semiconductor Index dropped 5% on Tuesday, marking its worst session since late July. Futures pointed to further declines in Europe and the US.
Behind this is the bond market. The global sell-off pushed the yield on US 30-year bonds to its highest level since 2007, and the 10-year bond yield approached levels seen at the beginning of 2025, raising borrowing costs for companies heavily investing in artificial intelligence infrastructure.
Meanwhile, US Treasury bond prices stabilized on Wednesday: the yield on 10-year bonds fell by about one basis point to 4.69%, and gold rose 0.6% above $4360 per ounce after falling nearly 2% on Tuesday.
The minutes of the July Federal Reserve meeting are scheduled to be released at 2:00 PM Eastern Time, and Chairman Kevin Warsh will speak at the Jackson Hole symposium next week.
A Reuters poll showed that 94 out of 104 economists expect interest rates to remain at 3.5%-3.75% in September, with markets pricing in about a 68% probability of no change.
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