Bitcoin stayed around $64,000 on Wednesday as most large-cap cryptocurrencies posted gains, even as South Korean semiconductor shares plunged more than 7%. Traders were also focused on the Federal Reserve’s July meeting minutes, due at 2 p.m. ET.
BTC was trading near $64,250, little changed on the day and roughly 1% higher over the past week. Despite a broad selloff in global chip stocks, the cryptocurrency market showed relatively little reaction.
Solana led the major tokens, climbing 2% to around $77 and gaining nearly 1% over seven days, according to CoinDesk data. Ether rose 1% to slightly above $1,900, bringing its weekly gain to about 1.5%.
XRP advanced almost 1% to just under $1 but remains about 2% lower for the week. Tron added around 0.5% to 33 cents, while Dogecoin posted a similar gain to trade near 7 cents.
BNB edged down to just above $600 and has declined roughly 2% over the past seven days. Hyperliquid’s HYPE token dropped more than 1% to slightly above $58, although it remains the strongest major cryptocurrency over the week, up around 7%.
Korean Chip Stocks Take a Hit
Samsung Electronics and SK Hynix each lost more than 7% in Seoul, helping push South Korea’s Kospi index down more than 6%. MSCI’s Asia Pacific index also fell about 2%.
The Asian semiconductor index declined more than 3%, extending losses after the Philadelphia Semiconductor Index dropped 5% on Tuesday in its weakest session since late July. U.S. and European futures were also pointing toward additional declines.
Rising Bond Yields Add to Pressure
The weakness in technology stocks comes alongside a broader bond-market selloff. The U.S. 30-year Treasury yield climbed to its highest level since 2007, while the 10-year yield moved close to levels last reached in early 2025.
Higher borrowing costs could create additional challenges for companies spending heavily on AI infrastructure.
U.S. Treasuries were more stable Wednesday, with the 10-year yield slipping about one basis point to 4.69%. Gold gained as much as 0.6%, moving above $4,360 an ounce after losing nearly 2% in the previous session.
Fed Minutes Awaited
Investors are now awaiting the Federal Reserve’s minutes from its July meeting, scheduled for release at 2 p.m. ET. The document could provide additional clues about policymakers’ views on inflation and future rate decisions.
Fed Chair Kevin Warsh is also expected to speak at next week’s Jackson Hole symposium.
According to a Reuters poll, 94 of 104 economists expect the central bank to maintain its benchmark rate at 3.5%-3.75% in September. Market pricing currently assigns about a 68% chance that the Fed will leave rates unchanged.
