Bitcoin held around $64,200 on Wednesday, notching a small intraday gain and sitting roughly 1% higher on a weekly basis. CoinDesk market data cited in the source report showed SOL leading major cryptocurrencies with a gain of nearly 2%, while Ether traded back above $1,900. At the same time, Korean chip stocks including Samsung Electronics and SK Hynix dropped more than 7% in Seoul, dragging Asian equities lower, yet crypto markets were described as largely unaffected.
Major tokens were mixed, with SOL leading the move
SOL rose 2% to near $77 and was up close to 1% over seven days. Ether added 1% to a little above $1,900 and led the weekly performance among the biggest tokens with a 1.5% gain. XRP rebounded nearly 1% to just below $1, though it was still down 2% over the past seven days. Tron rose 0.5% to 33 cents, and Dogecoin also gained 0.5% to 7 cents.
Two large tokens moved the other way. BNB slipped slightly to a little above $600 and was down 2% on the week. Hyperliquid’s HYPE fell more than 1% to about $58, though it still led all major tokens on a seven-day basis with a 7% gain.
Korean chip sell-off hit regional stock benchmarks
On the equity side, Samsung Electronics and SK Hynix each fell more than 7% in Seoul. That pullback pushed South Korea’s Kospi down more than 6%, while the MSCI Asia Pacific Index fell 2%. The Asian semiconductor index dropped more than 3% after the Philadelphia Semiconductor Index had already fallen 5% on Tuesday, its worst single-day showing since late July. Futures pointed to possible follow-through declines in Europe and the United States.
Bond-market pressure stayed at the center of the macro picture
The source report said the broader strain on global equities came from the bond market. Long-dated U.S. Treasury yields climbed to multi-year highs, with the 30-year yield reaching its highest level since 2007 and the 10-year yield approaching levels last seen in early 2025. That move raised financing costs for companies tied to AI infrastructure.
By Wednesday, Treasuries had steadied somewhat. The 10-year yield edged down by about 1 basis point to 4.69%. Gold, meanwhile, rose as much as 0.6% to above $4,360 an ounce, reversing a drop of nearly 2% from Tuesday.
Fed minutes and Jackson Hole speech are next on the calendar
The Federal Reserve’s July meeting minutes are scheduled for release at 2 p.m. Eastern Time. The report also said Chair Kevin Warsh is due to speak next week at the Jackson Hole symposium.
A Reuters survey found that 94 of 104 economists expect rates to stay in the 3.50% to 3.75% range in September. Market pricing implied about a 68% chance that the Fed holds rates unchanged.
Report highlighted a possible split between crypto and equities
The source report argued that Bitcoin holding above $64,000 while gold also moved higher during the sell-off in chip stocks and Asian equities suggested that capital was treating crypto and precious metals as hedging tools or independent alternative assets, rather than simply as high-risk growth trades.
It also said this differed from the older pattern in which crypto sold off alongside equities, and linked that shift to a more defined regulatory backdrop that has started to separate Bitcoin’s positioning from pure risk exposure.
Still, the report noted that high long-term yields remain a potential headwind. AI and crypto mining both require heavy capital spending, and rising financing costs could squeeze valuations for highly leveraged companies. If yields keep climbing, that growth-stock style path may become more difficult.
Three signals the market is watching
- Whether the Fed minutes and Warsh’s Jackson Hole speech reinforce expectations that there will be no rate cut in September.
- Whether selling in Korean chip stocks spreads into U.S. and European markets, something futures were already signaling.
- Whether HYPE can extend its 7% weekly advance and whether Bitcoin can turn the $64,000 area into the base for another round of inflows.