CoinDesk
Bitcoin climbed roughly 1% to about $63,800 on Wednesday while South Korean equities suffered one of their worst stretches of the year, the second time in seven sessions that crypto has held through a sharp unwind in the AI 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% on Wednesday after an 11% drop on Tuesday, putting the index on course for a record two-day decline. SK Hynix fell roughly 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. Nasdaq 100 futures fell 1%, extending a five-day losing streak, its longest this year.
Why it matters
SK Hynix grew quarterly profit more than sixfold and still lost nearly a fifth of its market value 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 data-center demand, but the correlation that defined July has stopped holding on the way down.
Market impact
The Federal Reserve delivers its rate decision later Wednesday, with markets pricing roughly a 15% chance of an increase. Core PCE inflation and second-quarter GDP follow, alongside another round of megacap technology earnings. Bitcoin briefly slipped below $63,000 earlier this week as the Senate delayed the Clarity Act, the market structure bill whose passage odds had jumped on reports that President Trump agreed to ethics language, before recovering.
Frequently asked questions
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Why did SK Hynix drop 17% on a 557% profit surge?
Profit expectations for AI-driven memory demand had run further still. Even a sixfold quarterly increase fell short of what buy-side models had priced in, triggering a sell-the-news reaction ahead of Samsung's own results on Thursday.
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How did Bitcoin perform while Asian chip stocks crashed?
Bitcoin climbed roughly 1% to about $63,800, holding through the second sharp AI-trade unwind in five sessions. Ether, XRP, BNB, Solana and Dogecoin edged higher with it; only Hyperliquid's HYPE was in the red.
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Is the Bitcoin-AI stock correlation breaking down?
It has failed twice in five sessions. Bitcoin barely moved through last week's Mag 7 selloff and is higher through this one, though miners remain tied to AI data-center demand. Two instances is a pattern worth watching rather than a proven break.
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What is the Federal Reserve expected to do at today's meeting?
Markets are pricing roughly a 15% chance of a rate increase, with the bulk of the move expected to be a hold. Core PCE inflation and Q2 GDP land later in the week alongside another round of megacap tech earnings.
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What is the Clarity Act delay that briefly pushed Bitcoin below $63,000?
The Senate delayed the market structure bill after ethics-language friction surfaced, despite reports last week that President Trump had agreed to terms. Bitcoin recovered after the headline faded, but the calendar remains a live risk for crypto.
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