CoinDesk
Bitcoin climbed to about $65,500 on Tuesday, a two-week high, as a rebound in Asian semiconductor stocks reversed the trade that dragged crypto lower last week. The largest cryptocurrency rose 1% on the day and 5% on the week, with roughly $33 billion changing hands. Ether outperformed again at $1,922, up 3% on the day and 8% over seven sessions, while XRP added 3% to $1.13, Solana rose 2% to $78, and BNB held at $574.
Why it matters
The rebound started where last week's damage did. MSCI's Asia Pacific equities gauge climbed 2%, its first gain in four sessions, with Samsung and Taiwan Semiconductor leading. South Korea and Taiwan benchmarks each rose about 4%, a tech-heavy mainland China gauge jumped almost 7% as state-linked institutions stepped in, and Japan's Nikkei rose 3% after slipping into correction on Friday. The same names crushed by the Chinese AI shock last week became the names buyers returned to.
U.S. spot bitcoin ETFs drew inflows for five straight sessions totaling more than $600 million, the most sustained institutional buying since mid-July and a clean reversal of the eight-week outflow run that ended in late June. Oil pulled back, with Brent down 1% to about $88.58, after Iran said mediators were circulating proposals including a reported 10-day halt in strikes.
Market impact
The macro ceiling remains the Federal Reserve's July 28-29 meeting, with markets pricing about a 15% chance of a July hike and a September move still live. "Current bitcoin and ether prices are low but fair, given the macro uncertainties pervading markets," said Jeff Mei, chief operating officer at BTSE. Spot-market volume across crypto stayed subdued even as prices rose, the sign of a tape lifted by returning risk appetite rather than fresh conviction. Higher oil and Treasury yields remain the levers that could keep the Fed hawkish and cap risk assets, and the next move for BTC likely tracks whether the chip bid holds into the Fed decision.
Frequently asked questions
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How high did Bitcoin climb and what drove the move?
Bitcoin rose to about $65,500 on Tuesday, a two-week high, up 1% on the day and 5% on the week. The driver was a rebound in Asian semiconductor stocks that reversed the selloff which had dragged crypto lower the prior week.
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How strong were spot bitcoin ETF inflows during the rally?
U.S. spot bitcoin ETFs drew inflows for five straight sessions totaling more than $600 million. That was the most sustained stretch of institutional buying since mid-July and a reversal of an eight-week outflow run that ended in late June.
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Why did Asian semiconductor stocks matter for crypto?
Bitcoin fell last week because Asian chip stocks did, so the rebound in names like Samsung and Taiwan Semiconductor fed straight back into BTC. The MSCI Asia Pacific gauge climbed 2%, its first gain in four sessions.
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What is the Federal Reserve's role in capping the rally?
Markets price about a 15% chance of a July rate hike at the Fed's July 28-29 meeting, with a September move still live. BTSE COO Jeff Mei said traders expect rates to hold steady but are watching for signals on what comes later in the year.
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Why is conviction in the rally limited despite the price move?
Spot-market volume across crypto stayed subdued even as prices rose, which suggests the tape is being lifted by returning risk appetite rather than fresh buying. Higher oil and Treasury yields remain the levers that could keep the Fed hawkish and cap risk assets.
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