Semiconductor stocks continued their upward momentum for a second consecutive day as investors remained optimistic about artificial intelligence growth, while the Japanese yen weakened beyond 163 against the dollar for the first time in nearly four decades.
Bitcoin traded around $66,300 on Wednesday, staying close to a two-week peak as the AI-driven chip rally that has supported crypto markets throughout the month extended further. Meanwhile, the yen reached its weakest point since 1986.
BTC gained almost 1% during the session and was up roughly 3% over the past week. Trading volume reached about $31 billion, with the cryptocurrency moving between approximately $65,400 and $66,900 over 24 hours.
Ether hovered near $1,935, adding about 3% over the week. XRP rose 2% to $1.14, while TRON posted a small increase. Hyperliquid’s HYPE was the biggest decliner among major tokens, falling 4% to $60 and losing around 10% over the previous seven days. Bitcoin’s strong market share and limited moves across major cryptocurrencies indicate that recent gains are being influenced more by macro conditions than by internal crypto developments.
The semiconductor rally remains the main driver behind broader risk sentiment. MSCI’s Asia-Pacific equity index climbed 1%, extending Tuesday’s strongest single-day advance in a month. South Korea’s Kospi jumped 5% as signs emerged that the unwinding of leveraged positions — which had pushed the index nearly 30% below its record high — was losing momentum.
Major chipmakers Samsung and SK Hynix led the advance, following a more than 5% rise in a U.S. semiconductor index on Tuesday that helped the sector recover from a technical bear-market phase.
The negative impact from China’s AI-related market shock earlier in the week, which weighed on semiconductor stocks and Bitcoin, has now largely faded.
Currency markets have become the latest area of focus, with the yen falling below 163 per dollar for the first time since 1986. The decline continued despite Japan’s previous attempts to support the currency through intervention. Finance Minister Satsuki Katayama said officials remain prepared to take “bold steps” if needed, according to Bloomberg, but a stronger U.S. dollar, higher Treasury yields, and rising oil prices linked to tensions involving Iran have continued to pressure the yen.
Bitcoin advocates view this type of currency weakness as a factor that supports the long-term investment case for the cryptocurrency.
A major global currency losing significant value against the dollar, while central banks struggle to reverse the trend despite substantial intervention, represents the kind of monetary instability often cited by supporters of Bitcoin’s fixed supply model.
However, it remains unclear whether currency concerns are currently driving Bitcoin demand. BTC has recently shown a stronger correlation with semiconductor stocks than with foreign exchange markets. Even so, continued currency depreciation adds to the broader macro environment that has historically strengthened interest in scarce assets such as Bitcoin.
