Live markets: Bitcoin slips to $63,000 as the chip rout goes global
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Bitcoin fell as much as 3% over 24 hours to roughly $62,800, failing to confirm the reversal that this week's soft inflation print had set up, said Alex Kuptsikevich, chief market analyst at FxPro, in a message to CoinDesk.
The move never produced a higher high, and the price dropped back below its 50-day moving average, returning to the downtrend channel that has held since June.
The lower boundary of that channel sits near $56,000. Before it, Kuptsikevich flags support at $61,000 and $59,000, both previous local lows. External pressure did the work, with a deepening global selloff in chipmakers pulling risk assets lower on Friday.
Bitcoin fell to about $63,000 on Friday, down 1.7% over 24 hours and 2.2% on the week, as a deepening selloff in chipmakers dragged risk assets lower, per CoinDesk data. Ether held better at $1,836, still up 2.4% over seven days, while Hyperliquid led the losses at 8% on the day and 12% on the week.
Nasdaq 100 futures dropped 1.8% and S&P 500 contracts fell 0.9% as a semiconductor ETF slid 3% in premarket trading. Taiwanese stocks fell into a technical correction and Asia's main benchmark hit a two-month low. Europe held up better on lower tech exposure.
The question driving it is the one that has hung over the sector all month. Chipmakers are under scrutiny over whether the hundreds of billions that AI hyperscalers are spending will produce the returns to justify their valuations, and TSMC's results this week did not settle it.
Crypto is following the same current it has all quarter. This week's soft inflation print gave bitcoin a lift toward $65,000, but that was a macro trade, and the chip selloff is pulling the other way. The Fed meets July 28 and 29.
Source: CoinDesk
