Bitcoin Holds Above $64K as Chip Stock Selloff Rattles Global Markets

Bitcoin held steady near $64,250 on Wednesday, posting a marginal daily gain and rising about 1% over the past week as a sharp global semiconductor stock selloff failed to significantly disrupt the cryptocurrency market.

Solana led gains among major cryptocurrencies, climbing 2% to nearly $77 and remaining slightly higher for the week. Ether rose around 1% to above $1,900, bringing its seven-day gain to roughly 1.5%. XRP recovered almost 1% to trade just below $1, although the token remains down about 2% over the past week.

Tron advanced 0.5% to approximately $0.33, while dogecoin gained a similar amount to around $0.07. BNB slipped slightly to just above $600 and has lost roughly 2% over seven days. Hyperliquid's HYPE dropped more than 1% to above $58, but remains the best-performing major cryptocurrency for the week with a 7% gain.

The relative stability in Bitcoin and the broader crypto market contrasted with heavy losses across global technology stocks. Samsung Electronics and SK Hynix plunged more than 7% in Seoul, helping push South Korea's Kospi down over 6%. MSCI's Asia Pacific index fell about 2%, while an Asian semiconductor index declined more than 3%.

The losses followed a 5% Tuesday drop in the Philadelphia Semiconductor Index, its steepest decline since late July. European and U.S. stock futures also indicated further weakness.

Rising global bond yields have added pressure on technology companies investing heavily in artificial intelligence infrastructure. The 30-year U.S. Treasury yield recently reached its highest level since 2007, while the 10-year yield approached levels last seen in early 2025.

U.S. Treasuries stabilized Wednesday, with the 10-year yield easing about one basis point to 4.69%. Gold prices climbed as much as 0.6% above $4,360 per ounce following Tuesday's nearly 2% decline.

Investors are now watching the Federal Reserve's July meeting minutes and next week's Jackson Hole symposium. A Reuters survey showed 94 of 104 economists expect the Fed to keep interest rates at 3.50%-3.75% in September, while markets price roughly a 68% probability of no change.