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Bitcoin holds near $63,800 as Asian chip rout hits tech stocks
Bitcoin climbed about 1% to roughly $63,800 as Asian equity markets fell sharply, even with SK Hynix dropping about 17% after results fell short of expectations.
Bitcoin and major cryptocurrencies edged higher even as Asian equity markets, led by chipmakers, logged one of their steepest two-day sell-offs of the year, according to CoinDesk.
Bitcoin rose about 1% to around $63,800. Ether added about 1% to $1,899, XRP gained about 2% to $1.07, BNB moved to $567, solana held near $73, and dogecoin edged up, with Hyperliquid’s HYPE down about 3% to $54.
The equity weakness was concentrated in chips. South Korea’s benchmark index tumbled 11% and was set for a record two-day decline after an 11% drop on Tuesday, as SK Hynix fell about 17% following a reported 557% surge in quarterly profit that still came in below expectations, while Samsung slid 12% ahead of its results.
CoinDesk said bitcoin’s resilience through two recent tech sell-offs suggests its previously tight correlation with AI-linked stocks may be weakening, with regulatory uncertainty and an upcoming Federal Reserve decision and economic data noted as additional factors for markets.
Latest closeBitcoin $81,906.63 ▼1.4%|Solana $104.78 ▼1.8%|XRP $1.335 ▼2.2%