South Korean memory chip leader seeks to raise nearly $30 billion in U.S. offering.
By Helene Braun|Edited by Stephen Alpher Jun 24, 2026, 4:01 p.m. 1 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on (Michael M. Santiago/Getty Images)SummaryShow- The cryptocurrency bear market persisted on Wednesday, with bitcoin hovering around the $60,000 mark.
- Gold and oil also experienced significant declines, challenging the 2025 “debasement trade” that had previously benefitted hard assets amid concerns over government debt and fiat currencies.
- Investor interest and funds continue to gravitate towards technology, especially the AI sector.
Bitcoin BTC$60,053.43 fell to around $60,000 on Wednesday, marking its second decline to this level within the month, reflecting a trend of weak performance despite other market rallies.
Gold and oil also saw losses on Wednesday, dropping below critical thresholds—gold fell below $4,000 per ounce, and oil dipped below $70 per barrel.
Read more: Gold, silver and bitcoin tumble as 'debasement' trade unwinds
The downturn in cryptocurrencies, precious metals, and oil coincided with a rebound in tech stocks, which had a slight dip on Tuesday, as investments in AI continued to attract capital.
On Wednesday, SK Hynix, a major South Korean memory chip manufacturer, announced plans to raise nearly $30 billion through a share offering in the U.S., marking the largest overseas capital raise since Saudi Aramco's $26 billion offering in 2019.
By midday Wednesday, the Nasdaq saw an increase of 0.8%, contrasting with bitcoin's 3.2% drop.
Investor Sentiment on Bitcoin Deteriorates
Billionaire hedge fund manager Philippe Laffont expressed his growing concerns regarding bitcoin's prospects during an interview on CNBC, stating he feels "a little bit more worried" about its future. He noted that investors now have a broader array of options than in previous years.
"I don't know what to think about Bitcoin anymore," he remarked, suggesting that companies like SpaceX (SPCX) and emerging AI ventures present more straightforward growth narratives to assess over the long term, while the rise of stablecoins has diminished bitcoin's distinctiveness as a financial alternative.
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CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
CEX Volumes Drop to Lowest Since September 2024 as RWA Perps Hit Record High
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
By CoinDesk ResearchJun 15, 2026In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
Why it matters:
In May, combined exchange volumes fell 3.45% to $4.41T; the lowest since September 2024. RWA perpetual futures volumes rose 10.4% against the trend, hitting a new all-time high.
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