Bitcoin traded near $65,900 on Wednesday, holding just below the two-week high it hit previously, up 1.5% on the week, according to data from CoinDesk.
The pause coincides with the broader market, where a two-day rally in chip stocks stalled as traders awaited Alphabet’s results after the U.S. close.
Nasdaq 100 futures fell 0.8% and South Korea’s Kospi pared strong early gains, while the technology sector also lagged in Europe.
The trigger is Alphabet, which said last quarter it would more than double capital spending to $190 billion this year. Investors want evidence that spending is generating returns, and the report comes just as chipmakers have been rocked by fears that the pace of investment in AI cannot be maintained.
Bitcoin has moved with AI trading all month, up when the chip complex is strong and down when it falters, because the same risk appetite drives both and because bitcoin miners have become AI data center operators.
Otherwise, the older ones were calm. Ether held near $1,917, up 2% on the week, while Hyperliquid lagged behind with a 2% drop over seven days. The Federal Reserve will meet on July 28-29, six days after Alphabet gave the market its first hard look to determine whether AI development is still worth paying for.
