Top cryptocurrencies traded mostly sideways on Thursday as the semiconductor-driven market downturn showed early signs of cooling. Despite the calmer session, most major digital assets remain in negative territory for the week, with Hyperliquid’s HYPE leading losses among larger tokens with an 8% decline.
Bitcoin was trading near $64,100, while ether remained around $1,905, with both assets little changed over the past day. XRP held close to $1.07, solana traded near $74, BNB hovered around $572, and TRON remained near $0.33. Hyperliquid’s HYPE slipped toward $54. Trading volumes were relatively muted, with bitcoin seeing approximately $28 billion in turnover and ether around $10 billion.
The improvement in semiconductor sentiment followed Samsung’s report of a more than 250-fold increase in chip profits, driven by shortages and strong demand for AI memory products. South Korea’s Kospi experienced a volatile session, initially climbing 6% before reversing into a 2% decline and stabilizing after a selloff that had pushed the index more than 40% below its June peak.
Samsung’s muted stock reaction showed how demanding market expectations have become. Even after reporting a massive surge in profits, the company’s shares rose only about 2%. SK Hynix faced a similar situation, with profits jumping 557% on Wednesday while its stock dropped 17%. The challenge for chipmakers is no longer earnings growth itself, but whether results can surpass already elevated forecasts.
U.S. earnings reports also delivered mixed signals overnight. Microsoft shares gained nearly 9% in after-hours trading after its cloud business posted its strongest growth in four years, while Meta shares declined 8% following a disappointing revenue outlook. Nasdaq 100 futures advanced 1% after the index entered a technical correction on Wednesday.
Looking at the broader crypto market, Thursday’s stability masks continued weekly weakness. HYPE has fallen 8% over seven days, making it the weakest performer among major cryptocurrencies. XRP has declined 6%, solana is down 5%, dogecoin has dropped 4% to $0.07, and bitcoin has lost 3%. BNB is the only major token still showing a weekly gain, though the increase is minimal.
The limited impact of recent equity market turmoil on crypto has been notable. Bitcoin had closely tracked semiconductor and AI-related stocks throughout much of July, moving in line with broader risk sentiment.
However, the largest cryptocurrency has remained resilient through major market shocks, including last week’s $797 billion decline in U.S. mega-cap technology stocks and South Korea’s sharp two-day market selloff. The broader weakness among altcoins appears to reflect reduced market liquidity rather than a direct response to equity market declines.
