CoinDesk
Bitcoin traded near $65,900 on Wednesday, holding just below the two-week high it touched earlier and up 1.5% on the week per CoinDesk data. The pause matches the broader market, where a two-day rebound in chip stocks stalled as traders waited on Alphabet's results after the U.S. close. Nasdaq 100 futures fell 0.8%, South Korea's Kospi trimmed strong early gains, and tech lagged in Europe.
Why it matters
The trigger is Alphabet, which told investors last quarter it would more than double capital spending to as much as $190 billion this year. The market now wants evidence the spending is generating returns, and the report lands just as chipmakers have been whipsawed by fears the pace of AI investment cannot hold. Bitcoin has moved with the AI trade all month, up when the chip complex is strong and down when it wobbles, because the same risk appetite drives both and because Bitcoin miners have rebuilt into AI data-center operators.
Market impact
The majors were quiet otherwise. Ether held near $1,917, up 2% on the week, while Hyperliquid lagged at down 2% over seven days. The Fed meets July 28 and 29, six days after Alphabet gives the market its first hard look at whether the AI build-out is still worth paying for.
Frequently asked questions
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Why is Bitcoin trading below $66,000 right now?
Bitcoin held near $65,900 on Wednesday as traders paused ahead of Alphabet's quarterly results, which they see as the first hard read on whether the AI capex cycle is still paying off.
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How is the Alphabet earnings report connected to Bitcoin's price?
Bitcoin has tracked the AI trade all month, rising with chip stocks and falling with them, driven by shared risk appetite and because Bitcoin miners have rebuilt into AI data-center operators.
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What did Alphabet say about AI capital spending?
Alphabet told investors last quarter it would more than double capital spending to as much as $190 billion this year, and the market is now looking for evidence those returns are materializing.
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How are equities reacting ahead of the Alphabet print?
Nasdaq 100 futures fell 0.8%, South Korea's Kospi trimmed its early gains, and tech lagged in Europe as a two-day rebound in chip stocks stalled.
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When is the next Fed meeting and why does it matter here?
The Fed meets July 28 and 29, six days after Alphabet reports, meaning the AI capex read will set the tone into the next rate decision.
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