The AI buyers who attacked cryptocurrencies last week came back overnight, but not for cryptocurrencies.
Asia Pacific’s MSCI gauge rose 2.5%, South Korea’s Kospi rose as much as 8%, SK Hynix rose 11% and the Nasdaq 100 added 1.6% while a semiconductor gauge gained more than 5%.
Crypto got nothing from that action. Bitcoin is trading near $63,300, up about 0.8% in 24 hours, and ether near $1,691, up about 1.8%, according to data from CoinDesk. BNB and Solana lead the major companies with approximately 2.3%.
All the big tokens are still in the red for the week, with bitcoin down 10.8%, ether down 16%, Solana and Hyperliquid down around 17%, and dogecoin down 14.7%.
Cryptocurrencies sold off along with AI stocks last week when the drop was due to stretched chip valuations, and that beta has changed on the way up.
