Bitcoin remained steady near $64,000 on Wednesday, while most major cryptocurrencies moved higher despite a sharp decline in South Korean semiconductor stocks. Market attention was also turning toward the Federal Reserve’s July meeting minutes, scheduled for release at 2 p.m. ET.
BTC traded around $64,250, showing a small daily gain and remaining about 1% higher over the past week. The broader selloff in global chip stocks had little immediate impact on cryptocurrency prices.
Solana was the top performer among major tokens, gaining 2% to nearly $77 and rising close to 1% over seven days, according to CoinDesk data. Ether climbed 1% to above $1,900 and is up approximately 1.5% for the week.
XRP gained almost 1% to trade just below $1 but remains down around 2% over the past seven days. Tron added roughly 0.5% to 33 cents, while Dogecoin posted a similar increase to about 7 cents.
BNB slipped slightly to just above $600, leaving it down roughly 2% for the week. HYPE, the native token of Hyperliquid, fell more than 1% to above $58 but remains the strongest major token on a seven-day basis, with a gain of about 7%.
Korean Semiconductor Stocks Plunge
Samsung Electronics and SK Hynix both dropped more than 7% in Seoul, dragging the Kospi lower by more than 6%. The MSCI Asia Pacific index also declined about 2%.
The regional semiconductor gauge fell more than 3% after the Philadelphia Semiconductor Index sank 5% on Tuesday, recording its steepest decline since late July. Futures indicated that European and U.S. markets could see additional weakness.
Bond Market Adds to Risk-Off Mood
A global bond selloff has also contributed to pressure across risk assets. The yield on the 30-year U.S. Treasury climbed to its highest level since 2007, while the 10-year yield approached levels last seen in early 2025.
Higher borrowing costs could weigh particularly heavily on companies investing large amounts of money into AI infrastructure.
Treasuries steadied on Wednesday, with the 10-year yield easing by about one basis point to 4.69%. Gold moved higher as well, gaining as much as 0.6% to above $4,360 per ounce after declining almost 2% in the previous session.
Fed Minutes Could Shape Rate Expectations
The Federal Reserve’s minutes from its July policy meeting are due at 2 p.m. ET and could provide further insight into the central bank’s thinking on inflation and interest rates.
Fed 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 rates within the 3.5%-3.75% range at its September meeting. Market pricing currently indicates about a 68% probability that policymakers will leave rates unchanged.
