Bitcoin fell to around $63,000 on Friday, down 1.7% over 24 hours and down 2.2% on the week, as a deepening selloff in chipmakers dragged risk assets lower, according to data from CoinDesk. Ether held better at $1,836, still up 2.4% in seven days, while Hyperliquid led the losses with 8% on the day and 12% on the week.
Nasdaq 100 futures fell 1.8% and S&P 500 contracts fell 0.9% while a semiconductor ETF fell 3% in premarket trading. Taiwanese stocks fell into a technical correction and Asia’s main benchmark index hit a two-month low. Europe fared better thanks to less exposure to technology.
The question that drives it is the one that has haunted the sector all month. Chipmakers are under scrutiny over whether the hundreds of billions AI hyperscalers are spending will produce returns that justify their valuations, and this week’s TSMC results didn’t settle that.
Crypto is following the same trend it has had throughout the quarter. This week’s weak inflation gave bitcoin a boost toward $65,000, but that was a macro trade, and the chip selloff is pulling in the opposite direction. The Fed meets on July 28 and 29.
