Bitcoin and major cryptocurrencies rose 1% despite a historic sell-off in Asian chip stocks, signaling a potential decoupling from tech equities.
Bitcoin climbed 1% to $63,800 on Wednesday, defying a sharp decline in Asian equity markets driven by a rout in chipmakers. The move marks the second time in a week that cryptocurrencies have remained resilient amid a sell-off in AI-linked stocks.
South Korea’s benchmark index plunged 11% over two days, its worst stretch of the year, as SK Hynix fell 17% despite a 557% surge in quarterly profit that missed estimates. Samsung and other chip stocks also tumbled, reflecting investor concerns over AI-driven demand expectations.
Ether, XRP, BNB, solana, and dogecoin posted modest gains, while Hyperliquid’s HYPE was the sole major cryptocurrency in the red. The Fed’s rate decision later today adds to market uncertainty, though crypto’s decoupling from tech stocks may signal shifting investor sentiment.