Bitcoin Defies Downturn as Chip Stocks Plummet

Bitcoin has continued to rise, reaching near $64,000 on Wednesday despite the sharp downturn in Asian equity markets. The tech-heavy Nasdaq 100 futures fell 1%, extending a five-day losing streak for the gauge. This comes after South Korea's benchmark tumbled 11% following an 11% drop on Tuesday.

SK Hynix saw its shares fall nearly 17% despite reporting a 557% surge in quarterly profit, which still fell short of expectations. The MSCI Asia Pacific index dropped 2% to its lowest since mid-April.

Crypto has shown resilience during this downturn, with Bitcoin barely moving through last week's Mag 7 selloff and now rising through this one. This link between crypto and chip stocks has failed twice in five sessions, a pattern worth watching for bitcoin miners tied to AI-driven demand.