Bitcoin Rebounds Toward $64,000 as Chip Stocks Rally and Yen Strengthens

South Korea sits at the center of the artificial-intelligence memory supply chain, making SK Hynix and Samsung Electronics key barometers of global AI spending. Bitcoin, meanwhile, has often traded like a high-beta technology asset as investors move money into or out of risk. The latest divergence matters because it suggests the cryptocurrency market may no longer be responding as closely to swings in the AI equity trade.

During Asian trading on July 29, Korean chip shares suffered a record selloff as investors reassessed expectations for AI-related demand, dragging the KOSPI and technology stocks across the region lower. Bitcoin moved in the opposite direction, rising toward $64,000 as other major cryptocurrencies also advanced. Crypto’s resilience during the equity rout points to a possible weakening of the short-term correlation between digital assets and AI-linked stocks.

Bitcoin has increasingly traded as part of the broader risk-asset complex, leaving it exposed when enthusiasm for AI and semiconductor shares reverses. The latest pressure reflects doubts about whether hyperscalers can earn adequate returns on vast infrastructure spending. Combined 2026 capital-expenditure guidance from Alphabet, Microsoft, Amazon and Meta is tracking toward $725 billion to $730 billion, sharpening scrutiny of valuations, financing needs and the sustainability of the AI investment cycle.

On July 28, South Korea’s KOSPI closed 10.8% lower as SK Hynix plunged 14.8%, while Japan’s Kioxia Holdings slid 18.3%. The rout reached Wall Street, where the Nasdaq Composite fell more than 1% and Micron Technology dropped over 10% at the open. Bitcoin then broke below $63,000 for the first time since July 17, marking a 10-day low. CoinGlass data showed more than $510 million of leveraged crypto long positions were liquidated over 24 hours.

Bitcoin, whose supply is capped at 21 million tokens, is often viewed by investors as a scarce alternative to currencies that can be expanded by central banks. A sustained rally in global semiconductor and AI chip shares has strengthened risk appetite, while the yen’s slide to a roughly 40-year low has renewed attention on bitcoin’s fixed-supply proposition.

Bitcoin held near $66,300 in the latest trading session covered by the report, remaining close to its highest level in almost two weeks as trading volumes stayed robust. The advance coincided with further gains in chip stocks and pronounced weakness in the Japanese currency, combining a growth-driven market rally with stronger investor interest in assets that are not issued by governments and have constrained supply.

Bitcoin and AI chips are both highly volatile risk assets, and shifts in capital allocation often link the two markets. Strategy, formerly MicroStrategy, has long bet its balance sheet on Bitcoin. The company and its co-founder Michael Saylor have become key gauges of institutional crypto exposure and financing risk.

Bitcoin fell as low as $61,400 on June 4, 2026, losing about 7% in 24 hours and 13% over the week. Saylor attributed the decline to capital rotating into AI. Broadcom shares plunged about 15% the same day after the company maintained, but did not raise, its forecast for more than $100 billion in fiscal 2027 AI chip revenue, dragging other chip stocks lower.

Bitcoin is central to the crypto market’s capitalization and liquidity, and its performance often drives altcoins and investor risk appetite. The rebound came as tensions escalated in the Middle East, with Bitcoin outperforming gold and U.S. stock futures. That suggested some investors continued to view it as a highly liquid alternative asset. However, weak DeFi activity and fading interest in memecoins left the foundations of the recovery uncertain.

As of July 20, Bitcoin had rebounded to about $71,000 over 24 hours, pulling major altcoins higher. More than $550 million in positions were liquidated during the move, predominantly shorts, producing a pronounced short squeeze. Open interest declined, however, indicating that the rally was more likely driven by deleveraging and spot buying than by new, highly leveraged long positions.

Bitcoin and U.S. technology stocks have become increasingly correlated in recent years, with both driven by risk appetite, interest-rate expectations and capital flows. Wall Street's concerns over AI software valuations and growth prospects also triggered selling in crypto assets and mining companies. The $64,000 level is therefore not only a price threshold but also a key gauge of whether capital is returning to high-risk assets.

Bitcoin rebounded from its lows on Tuesday, though the reports did not specify the date, retaking $64,000 and lifting cryptocurrency mining stocks. The latest gains coincided with a narrowing of losses in AI-related software shares, suggesting market anxiety had temporarily eased. The reports did not identify individual miners or financial institutions or provide stock-specific gains; the confirmed key figure is Bitcoin's $64,000 price level.

Bitcoin and Ethereum had fallen for several consecutive days as investors grew concerned about AI stock valuations and the outlook for global risk assets. Cryptocurrencies often move with risk appetite in U.S. technology shares and Asian equities, making Bitcoin's ability to hold above $66,000 an important gauge of whether market confidence is recovering.

In the latest trading, Bitcoin surged above $66,000, while Ethereum returned to around $1,920, driving a rebound across crypto markets and Asian equities. Investors are now focused on NVIDIA's upcoming earnings and guidance for clues on whether momentum in technology stocks can continue and support the outlook for risk assets.