coindesk.com
Bitcoin climbed 1% to about $63,800 on Wednesday while Asian equity markets suffered one of their worst stretches of the year, the second time in a seven-day period that crypto has held through a sharp unwind in the artificial intelligence trade.
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.
SK Hynix’s numbers showed the company grew quarterly profit more than sixfold, and its shares fell nearly a fifth because expectations for AI-driven demand had run further still. That is the same doubt that took $797 billion off the largest U.S. technology stocks last Thursday, arriving now in the memory makers that supply the hardware.
Crypto has spent the month moving in step with those stocks, rising when chips rallied and falling when they slipped. That link has now failed twice in five sessions.
Bitcoin barely moved through last week’s Mag 7 selloff and is higher through this one. Two instances is a pattern worth watching rather than a proven break, and bitcoin miners remain tied to AI>