Bitcoin Holds Near $64,000 as Korea Chip Crash Hits Equities and Crypto Resists
Bitcoin rose about 1% to around $63,800, edging toward $64,000, even as Asian equities—led by chipmakers—suffered steep sell-offs.
Crypto’s majors also picked up. Ether was up ~1% to ~$1,899. XRP gained ~2% to ~$1.07. BNB rose to about $567, while Solana held near $73 and Dogecoin inched higher. Hyperliquid’s HYPE was the only major down, falling ~3% to ~$54.
Equity pressure was concentrated in Korean semiconductor stocks. South Korea’s benchmark index slid ~11% after an additional ~11% drop the prior session. SK Hynix fell ~17% despite reporting quarterly profit up 557%—still below expectations. Samsung slid ~12% ahead of its results. The MSCI Asia Pacific index dropped 2% to the lowest since mid-April.
The key trading takeaway: Bitcoin showed resilience through two recent AI/tech routs, suggesting the usual correlation between Bitcoin and AI-linked chip equities may be weakening. Traders should watch how Bitcoin reacts around policy and macro catalysts, including the Federal Reserve rate decision (markets pricing roughly a 15% chance of a hike), plus Core PCE inflation and Q2 GDP.
In short, Bitcoin is up while tech sector risk rises, but confirmation will depend on Fed guidance and incoming data.
Neutral
This is likely neutral for traders. Bitcoin is mildly bullish on price (near $64,000) despite a sharp equity sell-off, suggesting resilience and that the previously tight link to AI/chip stocks may be fading. However, the move is not yet a confirmed decoupling trend—it’s observed only twice recently.
Historically, BTC often tracks risk-on/risk-off flows tied to tech and liquidity conditions during AI-driven market moves. When equities correct, BTC can either hold (if rates/liquidity expectations turn favorable) or break lower (if macro risk dominates). Here, the article flags major upcoming catalysts: the Fed decision plus Core PCE and Q2 GDP. Those events can quickly restore correlation by shifting discount rates and USD/liquidity.
Short-term: expect volatility around the Fed and earnings headlines; support/resistance near the $63,000–$64,000 zone will be key. Long-term: if AI-chip weakness continues without spreading to broader liquidity, Bitcoin’s weaker correlation could support steadier performance. But until correlation breaks more consistently, positioning should remain cautious.