Cryptocurrency and semiconductor market splits as chip stocks crash 7%
Bitcoin held steady near $64,250 on Wednesday, inching up on the day and adding roughly 1% for the week, even as a sharp selloff tore through global semiconductor stocks. The split screen was hard to miss: while digital assets mostly drifted higher, the cryptocurrency and semiconductor market told two very different stories on the same trading day, one calm, one chaotic.
Key takeaways
- Bitcoin traded near $64,250, up about 1% for the week, while Solana and Ether led gains among major cryptocurrencies.
- Samsung Electronics and SK Hynix each fell more than 7% in Seoul, dragging South Koreaโs Kospi index down over 6%.
- The Philadelphia Semiconductor Index posted a 5% loss on Tuesday, its worst session since late July.
- U.S. 30-year Treasury yields climbed to their highest level since 2007, and 10-year yields neared early-2025 highs.
- Federal Reserve July meeting minutes were due at 2 p.m. ET, with most economists expecting rates to hold at 3.50%-3.75% in September.
Bitcoin, Solana and Ether Lead a Mixed Week for Crypto Markets
Most major tokens edged higher on Wednesday, brushing off the turmoil hitting chip stocks thousands of miles away. Bitcoin hovered around $64,250, up marginally on the day and roughly 1% across the week, according to CoinDesk. That steadiness stood in sharp contrast to the volatility rattling equity markets tied to AI hardware.
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