Bitcoin Edges Back Toward $64,000 While Korea’s Chip Sector Melts Down

South Korea’s stock market just had its worst two-day stretch in history, and bitcoin barely flinched. That alone is worth paying attention to.

The KOSPI fell another 11% Wednesday, following an identical drop on Tuesday. SK Hynix reported a 557% surge in quarterly profit and still missed what the market was expecting, sending shares down 17%. Samsung slid 12% ahead of its own results Thursday. The MSCI Asia Pacific index dropped 2%, Nasdaq 100 futures extended their losing run to five straight sessions, and the broader AI trade continued unwinding at a pace that has rattled global equity desks all week.

Bitcoin went up 1%. It was trading near $63,800 as Asian markets were getting hammered, quiet and steady while everything chip-related was coming apart.

This is the second time in five sessions that bitcoin has held while the AI trade sold off. Last week’s Magnificent Seven washout, which wiped roughly $797 billion from the biggest US tech stocks in a single session, barely moved crypto either. One instance can be dismissed as coincidence. Two starts to look like something else.

That is not to say the relationship has permanently broken. Bitcoin miners with AI data center exposure are still tied to the same underlying demand story. But the tight lockstep correlation that defined most of July, where bitcoin rose when chips rallied and fell when they slipped, has stopped holding on the downside two times running now. Traders have noticed.

The Senate delaying the Clarity Act on Monday did briefly push bitcoin below $63,000. The bill had looked close to passing after Trump reportedly agreed to ethics language that cleared a major sticking point, so the delay landed badly. The dip was short-lived.

Wednesday’s Fed decision is what the rest of the session is about. Markets are pricing roughly a 15% chance of a rate hike. Core PCE inflation data and second-quarter GDP numbers are also due, along with another round of megacap earnings that will either deepen the AI selloff or offer some relief.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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