Bitcoin Trades Flat Near $66,300 Amid AI Stock Strength and Historic Yen Weakness

Semiconductor stocks extended their winning streak for a second day as optimism over artificial intelligence investments continued to drive markets higher, while the Japanese yen dropped below 163 per dollar for the first time in nearly 40 years.

Bitcoin traded steadily around $66,300 on Wednesday, holding near a two-week high as the AI-related chip rally that has supported crypto markets throughout the month continued to gain traction. The yen, meanwhile, fell to its weakest level since 1986.

The largest cryptocurrency rose nearly 1% during the session and gained about 3% over the past week. Trading volume reached approximately $31 billion, with BTC fluctuating between $65,400 and $66,900 over 24 hours.

Ether remained close to $1,935, adding around 3% over the week. XRP advanced 2% to $1.14, while TRON edged slightly higher. Hyperliquid’s HYPE was the weakest performer among major tokens, sliding 4% to $60 and extending its seven-day loss to 10%. Bitcoin’s continued dominance and relatively quiet moves across major cryptocurrencies suggest recent market gains are being driven mainly by broader macro trends rather than a crypto-specific catalyst.

The semiconductor sector remains the primary driver of the current market momentum. MSCI’s Asia-Pacific equity index increased 1%, building on Tuesday’s strongest daily gain in a month. South Korea’s Kospi jumped 5% as a leveraged sell-off that had pushed the index nearly 30% below its peak appeared to be stabilizing.

Samsung and SK Hynix led the move higher after a U.S. semiconductor index surged more than 5% on Tuesday, helping the group recover from a technical bear-market decline.

The negative market impact from China’s AI-related developments, which had weighed on chip stocks and Bitcoin earlier in the week, has now largely disappeared.

Investors are also watching developments in foreign exchange markets, where the yen weakened beyond 163 per dollar for the first time since 1986. The decline continued despite Japan’s previous efforts to support the currency. Finance Minister Satsuki Katayama said officials remain prepared to take “bold steps” if needed, according to Bloomberg, but a stronger dollar, higher U.S. Treasury yields, and rising oil prices connected to Iran-related tensions have continued to push the yen lower.

For Bitcoin supporters, the situation highlights a familiar argument that currency weakness and monetary instability can increase demand for assets with a fixed supply.

A major currency falling sharply against the dollar while policymakers struggle to reverse the trend despite significant intervention reflects the type of environment often cited by Bitcoin advocates as a reason to hold decentralized assets.

Still, it is unclear whether the yen’s decline is currently creating direct demand for Bitcoin. In recent months, BTC has moved more closely alongside semiconductor stocks than currency markets. However, continued weakness in major currencies adds another macro factor that could support the long-term appeal of scarce assets like Bitcoin.