Bitcoin hovered around $64,300 despite a remarkable 17% jump in South Korea’s Kospi index, triggered by a strong rebound in chip stocks. Samsung and SK Hynix surged over 23%, while Taiwan Semiconductor added 10% during the latest rally, marking one of the sharpest equity recoveries this year.
Crypto Markets Ignore Equity Surge
Friday’s explosive gains in Asian equities left crypto largely unmoved. Bitcoin’s price fluctuated minimally, briefly touching $65,300 in early Asian trading before retreating. Other major cryptocurrencies like Ether, XRP, Solana, and Dogecoin also showed little reaction, with most either flat or slightly down over the week. Binance Coin was an outlier, climbing 3% to $590 and maintaining a weekly gain.
Contrasting Weekly Trends
While equities rebounded sharply after a two-week selloff, crypto assets struggled to find momentum. Bitcoin lost 2% over the past seven sessions, with Solana and XRP down 3%. Ether and Dogecoin managed minor gains of about 1%. The Kospi index, recovering from a 40% dive since June, showcased chip stocks' dominance, mirroring a similar rally in U.S. semiconductor shares. Yet, crypto’s muted response shows its decoupling from traditional tech equities despite previously tracking semiconductor movements closely.
In other crypto news, a security breach in some Coldcard hardware wallets allowed hackers to steal approximately 594 bitcoins, worth about $38 million, without noticeably impacting bitcoin’s price. This incident adds a layer of caution amid the ongoing market turbulence.
This material is for informational purposes only and does not constitute financial advice.
