Bitcoin rises toward $64,000 as Korea's record chip crash leaves crypto untouched
Bitcoin is showing resilience as it decouples from the recent sharp decline in Asian chipmaker stocks and broader tech equities. While crypto previously tracked tech stock performance, recent market behavior suggests a potential shift in this correlation.
Why it matters
The decoupling of bitcoin from tech stocks could signal a change in how digital assets react to broader market volatility and AI-driven sector corrections.
The majors moved with it. Ether rose 1% to $1,899, XRP added 2% to $1.07, BNB gained to $567, solana held at $73, and dogecoin edged up. Hyperliquid’s HYPE was the only major in the red, down 3% to $54.
The damage in equities was concentrated in chipmakers. South Korea’s benchmark tumbled 11%, following an 11% drop on Tuesday and putting the index on course for a record two-day decline. SK Hynix fell about 17% after reporting a 557% surge in quarterly profit that still came in below expectations, and
Samsung slid 12% ahead of its own results on Thursday. The MSCI Asia Pacific index dropped 2% to its lowest since mid-April, and Nasdaq 100 futures fell 1%, extending a five-day losing streak for the tech-heavy gauge, its longest this year.
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