Bitcoin climbed toward $64,000 on Wednesday, showing resilience as major Asian chipmakers like SK Hynix and Samsung suffered record-breaking losses amid cooling demand for artificial intelligence hardware.

Key Points

• Bitcoin rose 1% to approximately $63,800, while Ether, XRP, and BNB also posted modest gains during the market session.
• South Korea’s benchmark index faced a record two-day decline, dropping 11% as investors reacted to shifting expectations for AI-driven growth.
• SK Hynix shares fell 17% despite reporting a 557% increase in quarterly profit, as results failed to meet high market expectations.
• The Nasdaq 100 futures extended a five-day losing streak, marking the index's longest period of decline so far this year.
• Bitcoin’s recent performance suggests a potential decoupling from the AI-linked equity trade, which has historically dictated crypto price movements throughout July.

Why it Matters

The weakening correlation between Bitcoin and tech stocks suggests that digital assets may be finding independent momentum despite broader volatility in the semiconductor sector. Investors are now closely monitoring upcoming Federal Reserve interest rate decisions and key economic data to determine if this divergence will persist.