Bitcoin hits a two-week high near $65,500 as the chip trade turns back into a tailwind
Bitcoin prices rose to a two-week high near $65,500, supported by renewed institutional inflows into spot ETFs and a recovery in Asian tech stocks. Market participants are now closely monitoring the upcoming Federal Reserve meeting for signals regarding future interest rate adjustments.
Why it matters
The rebound in cryptocurrency prices alongside a recovery in chip-related equities suggests a shift in investor sentiment toward risk-on assets despite ongoing macroeconomic uncertainty.
The largest cryptocurrency rose 1% on the day and 5% on the week, with roughly $33 billion changing hands. Ether was the stronger of the two majors again at $1,922, up 3% on the day and 8% over seven sessions. XRP added 3% to $1.13 and is up 6% on the week, Solana rose 2% to $78, BNB held at $574 and dogecoin was flat. Hyperliquid's HYPE gained 4% to $63 but remains the only major underwater over the week.
The rebound started where last week's damage did. MSCI's Asia Pacific equities gauge climbed 2%, its first gain in four sessions, with Samsung and Taiwan Semiconductor the biggest contributors.
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