Bitcoin · South Korea · Federal Reserve (FED) · Samsung · CoinDesk
Bitcoin holds $64,000 and solana leads gains amid 7% Korean chip stock slide
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Bitcoin held near $64,250 on Wednesday, up marginally on the day and 1% on the week, while a global selloff in chip stocks left crypto largely untouched.
Key facts
- Samsung Electronics (005930) and SK Hynix (000660) both fell more than 7% in Seoul, sending Korea's Kospi down over 6% and MSCI's Asia Pacific index down 2%
- XRP recovered almost 1% to under $1, though it remains down 2% over seven days
- Solana was the strongest major, up 2% to nearly $77 and almost 1% on the week, data
- Meanwhile, U.S. treasuries steadied on Wednesday, with the 10-year yield easing about a basis point to 4.69%, and gold rose as much as 0.6% above $4,360 an ounce after falling almost 2% on Tuesday
Summary
Bitcoin hovered around $64,250 and most major cryptocurrencies saw modest gains, with Solana and ether leading weekly advances while BNB and HYPE slipped on the day. A sharp global selloff in semiconductor stocks, led by steep declines in Samsung Electronics and SK Hynix, dragged Asian equity indexes lower and pointed to further pressure in Europe and the United States. Rising long-term U.S. bond yields, near their highest levels in years, are increasing borrowing costs for AI-related companies even as Treasuries steadied, with investors awaiting Federal Reserve minutes and widely expecting no rate change in September. Solana was the strongest major, up 2% to nearly $77 and almost 1% on the week, data.