Bitcoin Stays Above $64K as Solana Rallies Despite Korean Chip Selloff

Bitcoin remained close to $64,000 on Wednesday, while most major cryptocurrencies moved higher despite a sharp selloff in South Korean semiconductor stocks. Investors are also awaiting the Federal Reserve’s July meeting minutes, scheduled for release at 2 p.m. ET.

Bitcoin was trading around $64,250, gaining slightly on the day and about 1% over the past week. The broader global decline in chip stocks had limited impact on the crypto market.

Solana posted the strongest performance among major cryptocurrencies, rising 2% to nearly $77 and gaining almost 1% over the week, according to CoinDesk data. Ether climbed 1% to above $1,900 and is up about 1.5% over seven days.

XRP recovered nearly 1% to just below $1 but remains down roughly 2% over the past week. Tron advanced around 0.5% to 33 cents, while Dogecoin gained a similar amount to reach about 7 cents.

BNB was the only major cryptocurrency to decline, slipping slightly to just above $600 and falling 2% over the week. Hyperliquid’s HYPE token dropped more than 1% to slightly above $58 but remains the strongest major token over seven days, with gains of about 7%.

Semiconductor Stocks Slide

South Korean chipmakers suffered steep losses, with Samsung Electronics and SK Hynix each falling more than 7% in Seoul. The declines dragged the Kospi down more than 6% and pushed MSCI’s Asia Pacific index roughly 2% lower.

An Asian semiconductor index also dropped more than 3%, following a 5% decline in the Philadelphia Semiconductor Index on Tuesday. That marked its biggest single-session loss since late July. Futures pointed to additional weakness across European and U.S. markets.

Bond Yields Add to Market Pressure

The pressure in technology stocks is also tied to rising bond yields. A worldwide bond selloff pushed the U.S. 30-year Treasury yield to its highest level since 2007, while the 10-year yield approached levels last seen in early 2025.

Higher borrowing costs could put additional pressure on companies investing heavily in artificial intelligence infrastructure.

U.S. Treasuries stabilized on Wednesday, with the 10-year yield falling roughly one basis point to 4.69%. Gold, meanwhile, climbed as much as 0.6% to above $4,360 an ounce after dropping nearly 2% during Tuesday’s session.

Fed Minutes in Focus

The Federal Reserve’s minutes from its July meeting are scheduled for release at 2 p.m. ET, giving investors another indication of how policymakers view interest rates and inflation.

Federal Reserve Chair Kevin Warsh is also scheduled to speak at the Jackson Hole symposium next week.

A Reuters survey showed that 94 of 104 economists expect the Fed to keep its benchmark interest rate between 3.5% and 3.75% at its September meeting. Financial markets are currently pricing in roughly a 68% probability that policymakers will leave rates unchanged.