Asian semiconductor stocks showed signs of stabilizing on Thursday after two consecutive weeks of pullback, but the crypto market did not follow suit with a significant rebound. Bitcoin, Ethereum, and XRP were essentially flat for the day, with trading volume remaining at a relatively modest level, indicating that investor participation remained limited.
Major cryptocurrencies saw little intraday volatility.
As of Thursday, Bitcoin was trading at approximately $64,100, Ethereum around $1,905, and XRP at $1.07. Solana was at $74, BNB at $572, TRON at $0.33, and Hyperliquid's HYPE had fallen back to $54.
In terms of trading volume, there was no significant increase. Bitcoin's trading volume was approximately $28 billion, and Ethereum's was approximately $10 billion. Overall, major assets maintained a narrow trading range, lacking a clear short-term direction.
Weekly performance remains weak
Looking at the past seven days, most major cryptocurrencies are still in a downtrend. HYPE has fallen by 8%, making it the weakest performer among major tokens. XRP is down 6%, Solana is down 5%, Dogecoin is down 4% to around $0.07, and Bitcoin is down about 3%.
Among major tokens, BNB was one of the few assets that managed to maintain its weekly gains, although the increase was only slight. This means that despite a relatively calm trading environment on Thursday, the overall market has not shaken off its weak trend.
Semiconductor stocks stopped falling, which then spread to cryptocurrencies.
Regarding external markets, Samsung stated that its chip business profits increased more than 250 times year-on-year, driven by a shortage of AI memory chips. The Korea Composite Stock Price Index (KOSPI) fluctuated wildly during the day, rising 6% and falling 2%, before eventually stabilizing. Previously, the index had fallen more than 40% from its June high.
U.S. tech stocks reported mixed earnings. Microsoft rose nearly 9% in after-hours trading after its cloud business saw its fastest growth in four years; Meta, however, fell 8% due to weak revenue guidance. Nasdaq 100 futures rose 1%, after the index entered technical correction territory on Wednesday.
However, CoinDesk believes that the recent stock market volatility has not had a significant direct impact on the crypto market. Bitcoin moved in tandem with the semiconductor sector for most of July, but even with major US tech stocks losing $797 billion in market capitalization in a single day and the South Korean stock market experiencing consecutive sharp declines, Bitcoin's overall performance remained stable.
This makes the current decline in altcoins seem more like a result of thinning liquidity, rather than a direct reaction to pressure on the stock market.
