Bitcoin holds $64,000 and Solana leads gains amid 7% Korean chip stock slide

Bitcoin held near $64,250 on Wednesday, up marginally on the day and 1% on the week, while a global selloff in chip stocks left crypto largely untouched.

Solana was the strongest major, up 2% to nearly $77 and almost 1% on the week, according to CoinDesk data. Ether added 1% to just over $1,900 and leads the week at 1.5%. XRP recovered almost 1% to just under $1, though it remains down 2% over seven days. Tron rose half a percent to 33 cents and dogecoin the same to 7 cents.

BNB eased marginally to just above $600 and is down 2% on the week. Hyperliquid's HYPE fell over 1% to just over $58, but still leads all majors over seven days at 7%.

Samsung Electronics (005930) and SK Hynix (000660) both fell more than 7% in Seoul, sending Korea's Kospi down over 6% and MSCI's Asia Pacific index down 2%.

An Asian semiconductor gauge dropped more than 3%, following a 5% slide in the Philadelphia Semiconductor Index on Tuesday, its worst session since late July. Futures pointed to further losses in Europe and the U.S.

Behind it sits the bond market. A global selloff pushed 30-year U.S. yields to their highest since 2007 and 10-year yields close to levels last seen in early 2025, raising borrowing costs for the companies spending heavily on AI infrastructure.

Meanwhile, U.S. treasuries steadied on Wednesday, with the 10-year yield easing about a basis point to 4.69%, and gold rose as much as 0.6% above $4,360 an ounce after falling almost 2% on Tuesday.

Minutes from the Federal Reserve's July meeting are due at 2 p.m. ET, with Chairman Kevin Warsh speaking at the Jackson Hole symposium next week.

A Reuters survey found 94 of 104 economists expect rates to stay at 3.5% to 3.75% in September, and markets put the odds of no change at about 68%.