“Once liquidations begin to drive price action, the market can move faster than real demand would justify,” said Shawn Young, chief analyst at MEXC Research, who is watching how bitcoin trades inside the $60,000 to $63,000 band now that the first recovery is in.
MSCI’s Asia Pacific index rose 1.4% as investors moved back into semiconductor shares on renewed optimism over AI demand, cutting the week’s loss to under 1%.
South Korea’s Kospi, a key indicator for AI investments, surged 4%. SK Hynix was among the winners after pricing $26.5 billion of American depositary shares, one of the largest share sales of the year.
The yen strengthened 0.6%, further boosting gains as long-dated Japanese government bond yields fell after Finance Minister Satsuki Katayama stated the government aims to increase pension funds’ holdings of domestic assets. Bloomberg’s dollar index declined and is heading for a second consecutive weekly drop.
No significant crypto-specific events impacted Bitcoin this week. There were no ETF flows, protocol events, or exchange failures. Bitcoin absorbed an oil shock, a global bond selloff, hawkish Fed expectations, and two U.S. strikes on Iran, finishing up 4.2% due to heightened demand for Korean memory chips and a weaker dollar.
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