Bitcoin Holds Firm Amid Asian Equity Rout

Bitcoin and major cryptocurrencies rose on Wednesday despite Asian equity markets suffering one of their worst stretches of the year. The sharp drop in SK Hynix and Samsung shares underscored how sky-high expectations for AI-driven demand are being reassessed after a massive run-up in global tech stocks.

The price of Bitcoin climbed 1% to about $63,800 on Wednesday while Asian equity markets suffered one of their worst stretches of the year. Ether rose 1% to $1,899, XRP added 2% to $1.07, BNB gained to $567, solana held at $73, and dogecoin edged up.

However, Hyperliquid's HYPE was the only major in the red, down 3% to $54. The damage in equities was concentrated in chipmakers. South Korea's benchmark tumbled 11%, following an 11% drop on Tuesday and putting the index on course for a record two-day decline.