Bitcoin remains below $66,000 as traders await Alphabet's earnings report, with the cryptocurrency reflecting a 1.5% weekly increase.
Bitcoin's value hovered around $65,900 on Wednesday, just below its recent two-week high, reflecting a 1.5% increase over the past week, according to data from CoinDesk.
This stability in Bitcoin's price aligns with a broader market trend, as a recent two-day rally in chip stocks lost momentum while traders awaited Alphabet's earnings announcement after the close of U.S. markets.
Futures for the Nasdaq 100 fell by 0.8%, and South Korea's Kospi, which had initially shown strong gains, also retreated, with European tech stocks underperforming.
Alphabet has revealed intentions to significantly increase its capital expenditures this year, potentially reaching $190 billion. Investors are eager to see whether this spending translates into tangible results, especially given the challenges faced by chipmakers amid concerns about the sustainability of current AI investment levels.
Bitcoin's price fluctuations this month have been closely linked to the performance of the AI sector; it has surged alongside strong chip market performance but has also dipped when that sector faltered, reflecting shared risk appetite and the shift of Bitcoin miners to AI data center operations.
In the broader cryptocurrency market, Ether remained steady at around $1,917, marking a 2% weekly gain, while Hyperliquid saw a slight decline of 2% over the same timeframe. The Federal Reserve's upcoming meeting on July 28 and 29, just days after Alphabet's earnings report, is expected to provide further insights into the viability of AI investments.
