Bitcoin was trading around $65,900 on Wednesday, barely below its two‑week peak and up 1.5% for the week, according to CoinDesk data.
The market is pausing in step with broader equity trends. Chip stocks, which had staged a two‑day rally, have stalled as investors await Alphabet’s earnings release after the U.S. close.
Nasdaq 100 futures slipped 0.8%, while South Korea’s Kospi pared earlier gains. European tech equities also lagged, underscoring the caution.
Alphabet is the focal point. The tech giant announced last quarter it would more than double capital spending to as much as $190 billion this year. Investors are now looking for signs that the increased outlay is delivering returns, especially as chipmakers have been volatile amid concerns that AI investment growth may falter.
Bitcoin’s price has tracked the AI trade throughout the month, rising when chip stocks shine and falling when they weaken. The correlation stems from shared risk‑appetite dynamics and the shift of bitcoin miners into AI data‑center operations.
Other major cryptocurrencies saw modest moves. Ether hovered near $1,917, up about 2% on the week, whereas Hyperliquid declined 2% over the past seven days. The Federal Reserve’s policy meeting is scheduled for July 28‑29, just six days after Alphabet’s report provides the market’s first tangible assessment of whether the AI build‑out remains justified.
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