Solana Leads Crypto Higher as Bitcoin Holds $64K, Korean Chips Sink 7% Now

Bitcoin held near $64,250 on Wednesday, up marginally on the day and 1% for the week, as a global selloff in semiconductor stocks left crypto markets largely untouched. Solana led major tokens higher with a 2% gain to near $77, while South Korea’s Samsung Electronics and SK Hynix each fell more than 7%, dragging the Kospi down over 6%. The divergence comes as a global bond selloff pushed 30-year US Treasury yields to their highest level since 2007, with Federal Reserve July meeting minutes due at 2 p.m. ET.

Crypto Majors Advance as Solana Leads

Solana climbed 2% to near $77, the strongest performance among major tokens, though it is up just under 1% for the week. Ether added 1% to trade just above $1,900 and leads all majors over the past seven days with a 1.5% gain. XRP recovered almost 1% to trade just under $1, though it remains down 2% on the week. Tron rose half a percent to 33 cents, and Dogecoin gained the same amount to reach 7 cents. Two tokens moved lower: BNB eased marginally to just above $600, down 2% for the week, while Hyperliquid’s HYPE fell more than 1% to just over $58 despite still leading all majors over seven days with a 7% gain.

Korean Chip Stocks Trigger Global Selloff

Samsung Electronics and SK Hynix both fell more than 7% in Seoul trading, sending South Korea’s Kospi down over 6% and MSCI’s Asia Pacific index down 2%. An Asian semiconductor gauge dropped more than 3%, extending losses after the Philadelphia Semiconductor Index fell 5% on Tuesday in its worst session since late July. Futures pointed to further declines in Europe and the United States as the selloff spread across regions. The chip-sector weakness reflects renewed investor caution around stretched valuations tied to AI infrastructure spending, a theme that has repeatedly rattled Korean equities through 2026.

• Samsung Electronics and SK Hynix: both down more than 7% in Seoul
• Kospi: down over 6%, MSCI Asia Pacific index down 2%
• Philadelphia Semiconductor Index: fell 5% Tuesday, its worst session since late July

Bond Yields Rise Ahead of Fed Minutes

Behind the equity selloff sits a broader bond market move. A global selloff pushed 30-year US Treasury yields to their highest level since 2007, with 10-year yields approaching levels last seen in early 2025, raising borrowing costs for companies financing heavy AI infrastructure spending. US Treasuries steadied on Wednesday, with the 10-year yield easing about a basis point to 4.69%. Gold rose as much as 0.6% above $4,360 an ounce after falling nearly 2% on Tuesday. Minutes from the Federal Reserve’s July meeting are due at 2 p.m. ET, with Chairman Kevin Warsh set to speak at the Jackson Hole symposium next week. A Reuters survey found 94 of 104 economists expect the Fed to hold rates at 3.50% to 3.75% in September, with markets pricing roughly 68% odds of no change.

Conclusion: Crypto Decouples From Equities

Crypto’s resilience against a sharp equity and bond market move stands out as the notable thread connecting Wednesday’s session. While Korean chipmakers absorbed steep losses tied to AI valuation concerns and rising yields, major tokens from Solana to Ether posted modest gains, suggesting digital assets are, for now, trading somewhat independently of the broader risk-asset selloff. That decoupling will face its next test once the Fed’s July minutes are released and markets get a clearer signal on the path of interest rates into September.