Bitcoin Tops $78,000 as AI Fears Sink Tech Stocks

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 had largely traded as a proxy for the artificial-intelligence capital cycle in July, rising and falling with chipmakers as investors weighed whether Big Tech’s spending could generate sufficient returns. Its latest resilience matters because a durable break from equities would strengthen the case that crypto can attract flows even as risk appetite weakens. The test comes amid higher Treasury yields and geopolitical tension, conditions that would typically pressure speculative assets and complicate any push toward $70,000.

Bitcoin traded near $65,400 in Asian hours on July 24, down less than 1% on the day but up 3% for the week. By contrast, the Magnificent Seven lost $797 billion in market value on July 23, pulling the S&P 500 down 1.2% and the Nasdaq 100 down 1.9%. Laevitas data showed annualized perpetual-futures funding at a neutral 8% on July 20, while Deribit’s 30-day options delta skew stood at 13%, signaling continued demand for downside protection despite the cryptocurrency’s relative strength.

Bitcoin has historically shared the Nasdaq technology sector’s appetite for risk, but it has recently weakened even as technology stocks hit record highs. Stalled cryptocurrency legislation in the U.S. Congress has dimmed expectations for policy support. Meanwhile, miners are redirecting power and data-center resources to AI computing, prompting the market to reassess the outlook for the mining industry.

As of July 20, 2026, Bitcoin had fallen below $75,000, sharply decoupling from the rally in U.S. technology stocks. Recent reports said pro-crypto legislation remained stuck in Congress. Miners are also reallocating capital and computing capacity amid the AI boom, cooling investors’ risk appetite and sustaining selling pressure across the crypto market.