On Wednesday, Bitcoin was priced around $65,900, remaining just shy of the two-week peak it achieved earlier, reflecting a weekly increase of 1.5%, according to CoinDesk data.
This stagnation mirrors the overall market, where a two-day recovery in chip stocks came to a halt as traders awaited Alphabet's earnings report following the U.S. market's close.
Futures for the Nasdaq 100 dropped by 0.8%, while South Korea's Kospi, which had seen significant early gains, also pulled back, with technology shares lagging in Europe.
Alphabet has announced plans to more than double its capital expenditures this year, potentially reaching up to $190 billion. Investors are looking for signs that this spending is yielding results, particularly as chipmakers have been affected by concerns that the current pace of AI investment may not be sustainable.
Throughout the month, Bitcoin's price movements have been closely tied to the AI sector; it has risen alongside strong chip performance and declined when it falters, influenced by the same risk appetite and the fact that Bitcoin miners have transitioned to operating AI data centers.
In other cryptocurrency news, Ether remained stable at approximately $1,917, marking a 2% weekly increase, while Hyperliquid experienced a 2% decline over the same period. The Federal Reserve is scheduled to meet on July 28 and 29, just six days after Alphabet's report, which will provide a clearer picture of whether the investments in AI are justified.