Bitcoin held near $64,250 as Samsung and SK Hynix plunged over 7% in Seoul, while 30-year Treasury yields hit their highest since 2007. Fed minutes due Wednesday.
Bitcoin held near $64,250 on Wednesday, edging up slightly on the day and posting a roughly 1% weekly gain. The cryptocurrency market showed little reaction to a sharp selloff in semiconductor stocks that hit equity markets in Asia and the U.S.
Solana led the major coins with a 2% advance, pushing toward $77. Ether rose 1% to just above $1,900, and XRP added nearly 1% to approach $1. Tron and dogecoin both gained 0.5%, reaching 33 cents and 7 cents, respectively.
BNB slipped to just above $600, down 2% for the week. Hyperliquid's HYPE token fell 1% to around $58, though it still holds the best seven-day gain among large tokens at 7%.
The equity pressure came from Asia first. Samsung Electronics and SK Hynix each fell more than 7% in Seoul, pulling the Kospi index down over 6% and dragging the MSCI Asia Pacific index 2% lower. The regional semiconductor benchmark sank more than 3%, following Tuesday's 5% plunge in the Philadelphia Semiconductor Index. That was the chip gauge's biggest single-day drop since late July.
U.S. markets felt the weight as well. The Nasdaq composite lost 1.3% on Tuesday. The S&P 500 shed 0.7%, and the Dow Jones Industrial Average fell 116 points, or 0.2%. Caterpillar and Goldman Sachs, both seen as plays on AI infrastructure spending, were among the Dow's worst performers.
Mizuho analyst Daniel O'Regan said the selloff looked more like portfolio repositioning than a fundamental shift in the AI investment thesis. Thin summer trading volumes likely amplified the move, he added.
A worldwide bond selloff pushed the 30-year U.S. Treasury yield to its highest since 2007, increasing borrowing costs for companies investing in AI. The 10-year yield climbed near levels not seen since early 2025. By Wednesday, some stability returned: the 10-year yield dipped roughly one basis point to 4.69%, and the 30-year yield fell to 5.28% after a two-day rise.
Gold rose as much as 0.6% to top $4,360 an ounce, recovering from a nearly 2% drop in the prior session.
Two events on the calendar: the Federal Reserve's July meeting minutes are due at 2 p.m. Eastern on Wednesday. A Reuters poll shows 94 of 104 economists expect rates to stay at 3.50% to 3.75% in September. Markets currently price about a 68% chance of no change. Fed Chair Kevin Warsh speaks at the Jackson Hole symposium next week.
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