Bitcoin climbed after Fed Chair Kevin Warsh signaled that inflation risks had eased, lifting sentiment even as global tech equities came under pressure. A 7.9% slump in South Korea’s Kospi, triggered by renewed concerns over AI chip valuations, did little to weigh on crypto demand.
Bitcoin rose above $61,000 on Thursday, gaining roughly 4.1% over 24 hours, according to CoinDesk data. The move marked its strongest level of the week, recovering from an earlier drop that had taken prices down to about $58,200.
The upside was driven by Warsh’s comments at the ECB forum in Sintra, Portugal, where he said inflation risks had moderated. The tone marked a shift from his earlier hawkish stance in June, which had contributed to weeks of outflows from U.S. bitcoin ETFs.
Crypto strength stood in contrast to weakness across equity markets. South Korea’s Kospi dropped 7.9% after Samsung Electronics and SK Hynix together lost around $290 billion in market value, extending a volatile stretch for AI chip-related stocks, Bloomberg reported.
Adding to the cautious tone, Meta’s reported plans to sell surplus computing capacity to external customers reignited concerns that the AI infrastructure buildout may be running ahead of actual demand.
Despite the equity selloff, bitcoin held onto its gains, showing relative resilience at a time when capital has largely rotated into AI-linked assets.
“This is a rather dangerous consolidation for the bulls,” FxPro analyst Alex Kuptsikevich said earlier in the week, warning that a break lower could expose the $40,000 level as key support. The move back above $61,000 offers near-term relief, though the broader trend remains intact.
Attention now shifts to Friday’s U.S. jobs report, which could influence Federal Reserve expectations. A stronger print may reinforce a restrictive policy stance, while weaker data could revive rate-cut bets and set the tone for July trading.
