Bitcoin maintained its position near $66,300 on Wednesday, stabilizing at a two-week high. This price action comes as the semiconductor rally driving the crypto market this month extended into a second day, while the Japanese yen plummeted to a 40-year low.
The leading cryptocurrency saw nearly 1% gains for the day and a 3% increase over the week, with trading volume reaching approximately $31 billion and price fluctuations ranging between $65,400 and $66,900.
Ether was trading near $1,935, marking a 3% weekly gain. XRP rose 2% to $1.14, and TRON saw slight upward movement. Conversely, hyperliquid’s HYPE was the day’s primary decliner, falling 4% to $60 and dropping 10% over the last seven sessions. Bitcoin’s dominance and the relatively stable daily movements of major assets suggest the market is being driven by macroeconomic trends rather than crypto-specific catalysts.
The primary market driver remains the semiconductor trade. The MSCI Asia Pacific equities gauge climbed 1%, continuing the momentum from Tuesday’s significant one-day gain. South Korea’s Kospi surged 5%, signaling a potential end to the leveraged-position unwind that had previously caused the benchmark to drop nearly 30% from its peak.
Samsung and SK Hynix led the gains, following a more than 5% spike in a U.S. semiconductor index on Tuesday, which successfully moved the index back out of technical bear-market territory.
