CumberlandSK Hynix fell 17% after profit rose 557% and still missed estimates. Bitcoin is up 1%, and the Fed decides rates today.
Bitcoin rises toward $64,000 as Korea's record chip crash leaves crypto untouched
SK Hynix fell 17% after profit rose 557% and still missed estimates. Bitcoin is up 1%, and the Fed decides rates today.
Bitcoin and major cryptocurrencies inched higher even as Asian equity markets, led by chipmakers, suffered one of their steepest two-day sell-offs of the year. The sharp drop in SK Hynix and Samsung shares underscored how sky-high expectations for AI-driven demand are being reassessed after a massive run-up in global tech stocks. Bitcoin’s resilience through two recent tech routs suggests its tight correlation with AI-linked equities may be weakening, even as regulatory uncertainty and upcoming Federal Reserve and economic data loom over markets.
Bitcoin climbed 1% to about $63,800 on Wednesday while Asian equity markets suffered one of their worst stretches of the year, the second time in a seven-day period that crypto has held through a sharp unwind in the artificial intelligence trade.
The majors moved with it. Ether rose 1% to $1,899, XRP added 2% to $1.07, BNB gained to $567, solana held at $73, and dogecoin edged up. Hyperliquid’s HYPE was the only major in the red, down 3% to $54.
The damage in equities was concentrated in chipmakers. South Korea’s benchmark tumbled 11%, following an 11% drop on Tuesday and putting the index on course for a record two-day decline. SK Hynix fell about 17% after reporting a 557% surge in quarterly profit that still came in below expectations, and
Samsung slid 12% ahead of its own results on Thursday. The MSCI Asia Pacific index dropped 2% to its lowest since mid-April, and Nasdaq 100 futures fell 1%, extending a five-day losing streak for the tech-heavy gauge, its longest this year.
SK Hynix’s numbers showed the company grew quarterly profit more than sixfold, and its shares fell nearly a fifth because expectations for AI-driven demand had run further still. That is the same doubt that took $797 billion off the largest U.S. technology stocks last Thursday, arriving now in the memory makers that supply the hardware.
Crypto has spent the month moving in step with those stocks, rising when chips rallied and falling when they slipped. That link has now failed twice in five sessions.
Bitcoin barely moved through last week’s Mag 7 selloff and is higher through this one. Two instances is a pattern worth watching rather than a proven break, and bitcoin miners remain tied to AI data-center demand, but the correlation that defined July has stopped holding on the way down.
Bitcoin briefly slipped below $63,000 as the Senate delayed the Clarity Act on Monday, the market structure bill whose passage odds had jumped last week on reports that President Trump agreed to ethics language, before recovering.
The Federal Reserve delivers its rate decision later Wednesday, with markets pricing roughly a 15% chance of an increase. Core PCE inflation and second-quarter GDP follow, alongside another round of megacap technology earnings.
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Crypto Flows, Share and the Selective Rotation
Crypto Flows, Share and the Selective Rotation
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Why it matters:
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Company behind AI trade that caused $60 million crypto liquidations to cover all losses
Citadel bets on a Fed rate hike Wednesday as bitcoin analysts call a hold. Someone will be wrong.
'Anything remotely dovish' from Fed could be good for bitcoin, says analyst