Bitcoin Brushes Off Tech Rout as Chip Stocks Crumble

Bitcoin rose to around $63,800 on Wednesday as Asian equity markets suffered one of their steepest two-day sell-offs this year. The sharp drop in SK Hynix and Samsung shares underscored how high expectations for AI-driven demand are being reassessed.

The link between crypto prices and chipmaker stocks has failed twice in five sessions, with Bitcoin holding steady through last week's and this week's tech routs. This suggests its correlation with AI-linked equities may be weakening.

South Korea's benchmark tumbled 11%, following an 11% drop on Tuesday, while SK Hynix fell about 17% after reporting a 557% surge in quarterly profit that still came in below expectations.