Bitcoin Holds Above $64K as Korea’s AI Chip Rout Fails to Shake Crypto Markets

SK Hynix shares plunged 17% despite reporting a 557% jump in profit that still fell short of market expectations. Meanwhile, Bitcoin gained 1% as investors awaited the Federal Reserve’s interest rate decision.

Bitcoin rose about 1% to nearly $63,800 on Wednesday, holding steady as Asian stock markets endured one of their sharpest declines of the year. It marked the second time within a week that the cryptocurrency market has remained resilient during a major selloff in artificial intelligence-related equities.

Other major cryptocurrencies followed Bitcoin’s move higher. Ether advanced 1% to around $1,899, XRP climbed 2% to $1.07, BNB traded near $567, Solana remained around $73, and Dogecoin posted a modest gain. Hyperliquid’s HYPE was the only major token in negative territory, falling 3% to $54.

The pressure in traditional markets was heavily concentrated among semiconductor companies. South Korea’s benchmark index plunged 11%, following another 11% decline on Tuesday, putting it on track for its steepest two-day drop on record.

SK Hynix shares dropped roughly 17% after the company reported quarterly earnings growth of 557%, while Samsung declined 12% ahead of its upcoming results. The broader MSCI Asia Pacific index fell 2% to its lowest level since mid-April, while Nasdaq 100 futures dropped 1%, extending the technology-heavy index’s losing streak to five sessions.

SK Hynix’s earnings highlighted the growing gap between strong AI-related growth and elevated investor expectations. Although the company’s quarterly profit increased more than sixfold, the results were not enough to satisfy markets that had already priced in even stronger AI demand. The same concerns previously wiped nearly $797 billion from major U.S. technology stocks and are now spreading to the memory chip companies supplying AI infrastructure.

Throughout July, crypto markets had largely moved alongside AI and technology stocks, gaining during semiconductor rallies and declining during tech selloffs. That relationship has now weakened twice within five trading sessions.

Bitcoin remained relatively stable during last week’s Magnificent Seven technology stock selloff and has continued to hold higher during the latest downturn. While two instances do not confirm a permanent shift, the recent moves suggest the strong downside correlation between Bitcoin and AI-related equities may be fading.

Bitcoin briefly dropped below $63,000 after the Senate delayed action on the Clarity Act on Monday. The market structure bill had gained momentum the previous week after reports that President Trump supported a revised ethics provision, but the delay weighed on sentiment before Bitcoin recovered.

The Federal Reserve is scheduled to announce its latest rate decision later Wednesday, with markets pricing in roughly a 15% chance of an interest rate increase. Investors will also focus on upcoming core PCE inflation data, second-quarter GDP figures, and another wave of earnings reports from major technology companies.