Solana Leads Crypto Higher as Bitcoin Holds $64K Despite 7% Chip Stock Drop

Bitcoin remained near the $64,000 mark on Wednesday, while most major cryptocurrencies moved higher despite a sharp selloff in South Korean chip stocks. Investors were also awaiting the Federal Reserve’s July meeting minutes, scheduled for release at 2 p.m. ET.

BTC traded around $64,250, posting a modest daily gain and remaining roughly 1% higher over the past week. The crypto market showed limited reaction to the broader decline in global semiconductor stocks.

Solana led gains among major cryptocurrencies, rising 2% to nearly $77 and gaining close to 1% over the past seven days, according to CoinDesk data. Ether climbed 1% to slightly above $1,900, bringing its weekly gain to around 1.5%.

XRP rose nearly 1% to just under $1 but remained about 2% lower on the week. Tron gained around 0.5% to 33 cents, while Dogecoin added roughly the same amount to trade near 7 cents.

BNB edged lower to just above $600 and was down about 2% over seven days. Hyperliquid’s HYPE token fell more than 1% to slightly above $58 but continued to lead the major tokens on a weekly basis, up roughly 7%.

Korean Semiconductor Stocks Slide

Samsung Electronics and SK Hynix both dropped more than 7% in Seoul, sending South Korea’s Kospi index down more than 6%. MSCI’s Asia Pacific index also declined around 2%.

The broader Asian semiconductor index fell more than 3%, following a 5% plunge in the Philadelphia Semiconductor Index on Tuesday. That marked its worst session since late July. Futures indicated further weakness could be ahead for European and U.S. markets.

Bond Yields Add to Market Concerns

The semiconductor selloff came as global bond markets also faced pressure. The 30-year U.S. Treasury yield climbed to its highest level since 2007, while the 10-year yield approached levels not seen since early 2025.

Higher borrowing costs could weigh on companies making heavy investments in artificial intelligence infrastructure.

U.S. Treasury yields stabilized somewhat on Wednesday, with the 10-year yield falling about one basis point to 4.69%. Gold advanced as much as 0.6% to above $4,360 an ounce after losing nearly 2% in Tuesday’s session.

Fed Minutes in Focus

Investors are now turning their attention to the Federal Reserve’s minutes from its July meeting, due at 2 p.m. ET. The minutes could offer fresh clues about policymakers’ outlook for inflation, economic growth and interest rates.

Fed Chair Kevin Warsh is also scheduled to speak at the Jackson Hole symposium next week.

A Reuters survey showed that 94 of 104 economists expect the Fed to keep its benchmark interest rate at 3.5%-3.75% in September. Market pricing currently reflects approximately a 68% probability that policymakers will hold rates steady.