Global stocks and chip stocks rebounded significantly on Friday, but the overall cryptocurrency market reacted only moderately. Bitcoin remained largely unchanged over the past 24 hours, hovering around $64,300, failing to follow the strong recovery in South Korean stocks and US technology stocks.
Major cryptocurrencies have limited volatility.
Ethereum is trading at $1907, XRP at $1.08, Solana at $74, and Dogecoin at $0.07, with major cryptocurrencies showing little overall change throughout the day. BNB is one of the few mainstream assets that has strengthened, rising 3% to $590, and is also one of the few cryptocurrencies that still shows significant weekly gains.
Bitcoin rose to $65,300 in early Asian trading but gave back its gains after about an hour. In terms of trading volume, Bitcoin's 24-hour turnover was approximately $27 billion, while Ethereum's was approximately $7 billion.
Looking at the performance over the past seven days, the market remains weak. Hyperliquid's HYPE fell 5%, Solana and XRP both fell 3%, and Bitcoin fell 2%. Ethereum and Dogecoin, on the other hand, rose slightly by about 1%.
South Korean stocks and chip stocks rebounded sharply.
In contrast to the lackluster performance of the crypto market, South Korean stocks saw a strong recovery. The Kospi index rose as much as 17% during the session, after falling more than 40% from its June high following a series of declines.
In terms of individual stocks, Samsung Electronics and SK Hynix both rose by more than 23%, while TSMC rose by 10%. Chip stocks have become the main driving force behind this round of rebound in Asian markets.
This trend echoes the earlier rebound in US chip stocks. The Nasdaq 100 index ended a six-day losing streak, Amazon rose nearly 10% in after-hours trading due to strong cloud business results, while Apple fell 6% due to supply shortages affecting sales expectations.
Wallet vulnerability did not affect coin price
The article notes that Bitcoin and the semiconductor sector were highly correlated in July, but this time it did not follow the stock market rebound. Neither the $797 billion market capitalization wiped out by major US tech stocks last week, nor the sharp drop in the South Korean stock market mid-week, resulted in significant directional volatility for Bitcoin.
Another notable incident was the Coldcard hardware wallet vulnerability. Due to a security flaw in the key generation process of some devices, attackers transferred approximately 594 bitcoins from about 500 wallets on Thursday, worth about $38 million at the time.
However, this security incident did not significantly impact the price of Bitcoin, indicating that the current market is relatively limited in its sensitivity to external risks and cross-market fluctuations.
