Bitcoin fell to around $63,000 on Friday, down 1.7% over 24 hours and 2.2% over the week, as increasing selling by chipmakers led to a decline in risk assets, according to CoinDesk data. Ether held up better at $1,836, still up 2.4% over seven days, while Hyperliquid led losses to 8% for the day and 12% for the week.
Nasdaq 100 futures fell 1.8% and S&P 500 contracts fell 0.9% while a semiconductor ETF slipped 3% in premarket trading. Taiwanese stocks suffered a technical correction and the main Asian benchmark index hit its lowest level in two months. Europe held up better thanks to less technological exposure.
The question that motivates him is one that has hovered over the sector all month. Chipmakers are under scrutiny over whether the hundreds of billions spent by hyperscalers on AI will produce the returns needed to justify their valuations, and TSMC’s results this week didn’t settle the question.
Crypto follows the same trend as the whole quarter. This week’s weak inflation helped bitcoin climb as high as $65,000, but that was a macroeconomic trade and the chip selloff is pulling in the other direction. The Fed meets on July 28 and 29.
