RESOLVING THE LEDGER
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The majors moved with it. Ether rose 1% to $1,899, XRP added 2% to $1.07, BNB gained to $567, solana held at $73, and dogecoin edged up. Hyperliquid’s HYPE was the only major in the red, down 3% to $54.
The damage in equities was concentrated in chipmakers. South Korea’s benchmark tumbled 11%, following an 11% drop on Tuesday and putting the index on course for a record two-day decline. SK Hynix fell about 17% after reporting a 557% surge in quarterly profit that still came in below expectations, and
Samsung slid 12% ahead of its own results on Thursday. The MSCI Asia Pacific index dropped 2% to its lowest since mid-April, and Nasdaq 100 futures fell 1%, extending a five-day losing streak for the tech-heavy gauge, its longest this year.
SK Hynix’s numbers showed the company grew quarterly profit more than sixfold, and its shares fell nearly a fifth because expectations for AI-driven demand had run further still. That is the same doubt that took $797 billion off the largest U.S. technology stocks last Thursday, arriving now in the memory makers that supply the hardware.
Crypto has spent the month moving in step with those stocks, rising when chips rallied and falling when they slipped. That link has now failed twice in five sessions.
Bitcoin barely moved through last week’s Mag 7 selloff and is higher through this one. Two instances is a pattern worth watching rather than a proven break, and bitcoin miners remain tied to AI data-center demand, but the correlation that defined July has stopped holding on the way down.
Bitcoin briefly slipped below $63,000 as the Senate delayed the Clarity Act on Monday, the market structure bill whose passage odds had jumped last week on reports that President Trump agreed to ethics language, before recovering.
The Federal Reserve delivers its rate decision later Wednesday, with markets pricing roughly a 15% chance of an increase. Core PCE inflation and second-quarter GDP follow, alongside another round of megacap technology earnings.
1 Live updates: Bitcoin clears $64,000 in Asia hours ahead of Fed decision 33 minutes ago 2 Company behind AI trade that caused $60 million crypto liquidations to cover all losses 55 minutes ago 3 Citadel bets on a Fed rate hike Wednesday as bitcoin analysts call a hold. Someone will be wrong. 1 hour ago 4 Coinbase wants to be Canada’s ‘everything exchange,’ but says clearer rules are needed first 7 hours ago 5 'Anything remotely dovish' from Fed could be good for bitcoin, says analyst 10 hours ago 6 Ondo drops tokenized asset blockchain plans for private, high-speed trading network 11 hours ago 7 Wall Street veteran Don Wilson says regulators are getting perps all wrong 13 hours ago 8 BlackRock, Fidelity, other Wall Street giants back the Clarity Act 14 hours ago 9 Ethereum startup EthSystems bets privacy is key to getting banks on public blockchains 15 hours ago 10 Russia outlines new digital depository rules ahead of fall crypto framework roll-out 16 hours ago Latest Research Crypto Flows, Share and the Selective Rotation Crypto Flows, Share and the Selective Rotation Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
Markets repositioned since June, but Binance held share (~55% user funds, ~24% spot) and drew net inflows in early July while the tracked market saw outflows.
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