Bitcoin reclaimed the $60,000 level for the first time in over a week after Federal Reserve Chair Kevin Warsh signaled that inflation pressures were easing. Solana outpaced other major cryptocurrencies, rising करीब 16% over the past week, while a downturn in semiconductor stocks dragged Asian equities lower and weakened the AI-driven rally that has been drawing capital away from crypto this quarter.
On Thursday, bitcoin traded above $60,700 following a sharp overnight rebound, as Warsh’s comments provided a much-needed boost to a market that had spent most of June under pressure. Speaking at the European Central Bank’s annual forum in Sintra, Portugal, Warsh said “inflation risks have come down” and reiterated the Fed’s commitment to bringing inflation back to its 2% target.
He avoided giving any clear signal on the Fed’s next policy decision, noting that officials would rely on incoming data ahead of the upcoming meeting. After his remarks, bitcoin reversed earlier losses and climbed back above $60,000.
Solana led gains among major tokens, rising about 4% on the day to near $78 and posting a weekly increase of roughly 16%, making it the standout performer among large-cap assets. Ether traded around $1,630, up करीब 3%, while XRP hovered near $1.06. In contrast, BNB, dogecoin, and Tron showed weaker trends over the week.
In traditional markets, the more significant movement came from equities. Semiconductor stocks triggered a broader selloff that spread to South Korea, where the Kospi index dropped nearly 7% before recovering some ground. Shares of Samsung Electronics and SK Hynix each fell more than 6%, while Japan’s Kioxia slid 13% after an extended rally that had lifted the stock more than 650% this year.
The pullback revived concerns that the rapid surge in artificial intelligence stocks may have overshot fundamentals.
Two developments contributed to the uncertainty. Reports suggested that Meta is developing a cloud platform to sell unused AI computing capacity, raising concerns about potential overexpansion. Meanwhile, Apple is said to be in talks with Chinese chipmakers, a move that could hurt South Korean suppliers.
The AI sector has attracted the bulk of investment flows this quarter, coinciding with bitcoin’s decline and contributing to one of its rare back-to-back quarterly losses. Capital has steadily rotated into chipmakers and AI infrastructure, leaving crypto markets under pressure through a weak first half. Any sustained weakness in the AI trade could ease that dynamic.
Elsewhere, Brent crude dropped to about $70.60 per barrel, its lowest level since late February before tensions escalated in the Middle East, as shipping through the Strait of Hormuz normalized.
Gold rose for a second straight session to trade above $4,060 per ounce following Warsh’s comments, while the U.S. dollar stabilized after two days of gains.
Whether bitcoin can maintain its move above $60,000 will likely depend on whether the softness in AI-related stocks evolves into a broader rotation back into risk assets or proves to be a short-lived pullback.
