Semiconductor shares experienced gains for a second consecutive day due to optimism surrounding AI, while the yen fell past 163 per dollar, marking its lowest point since 1986.
By Shaurya Malwa Jul 22, 2026, 5:03 a.m. 2 min readMake preferred on ShareShare this articleCopy linkX (Twitter)LinkedInFacebookEmailMake preferred on Bitcoin remains near $66,300 as the yen sinks to a 40-year low. (Shutterstock) SummaryShow- Bitcoin maintained its position near $66,300, marking a two-week peak amid strong trading volumes and relatively stable price movements in major cryptocurrencies.
- The recent increase in bitcoin seems more closely linked to a robust global semiconductor rally, primarily driven by U.S. and Asian chip stocks, rather than any specific developments within the crypto sector.
- The significant drop in the Japanese yen, now at its lowest since 1986, highlights growing currency pressures that support the long-term argument for bitcoin as a finite asset, even if it hasn't influenced immediate trading behavior.
Bitcoin remained around $66,300 on Wednesday, holding a two-week high as the semiconductor rally, which has positively impacted crypto markets throughout the month, continued for a second day. Meanwhile, the Japanese yen fell to its lowest value in four decades.
The leading cryptocurrency saw an increase of nearly 1% on the day and 3% for the week, with around $31 billion in trading volume and a 24-hour price range of approximately $65,400 to $66,900.
Ether was trading close to $1,935, reflecting a 3% rise over the week. XRP gained 2% to reach $1.14, and TRON also saw an uptick, while the day's underperformer was hyperliquid's HYPE, which fell 4% to $60 and has decreased 10% over the past week. Bitcoin's dominance and the relatively stable movements of major cryptocurrencies indicate that the market is trending upward due to macroeconomic factors rather than specific crypto developments.
The semiconductor trade continues to be a key driver. The MSCI Asia Pacific equities index rose by 1%, building on the largest single-day gain seen in a month on Tuesday, with South Korea's Kospi climbing 5% as a leveraged-position unwind that had previously pulled the benchmark down nearly 30% from its peak appeared to be concluding.
Samsung and SK Hynix were at the forefront, following a more than 5% increase in a U.S. semiconductor index on Tuesday, which helped the index recover from technical bear-market territory.
Last week's AI-related shock that impacted these stocks, including bitcoin, has been fully reversed.
A new currency development saw the yen drop past 163 per dollar for the first time since 1986, continuing a decline that Japanese intervention has failed to reverse. Finance Minister Satsuki Katayama stated that authorities are prepared to take "bold steps" as necessary, according to Bloomberg, but the combination of a strengthening dollar, rising U.S. Treasury yields, and increasing oil prices due to the Iran conflict has overwhelmed these efforts.
This situation is one that bitcoin advocates have long claimed works in their favor.
The decline of a major currency by a tenth against the dollar, with its central bank unable to halt the depreciation despite significant financial intervention, exemplifies the scenario that supports the case for bitcoin as a hedge against debasement.
While it remains uncertain if this argument is influencing actual trading flows, bitcoin's correlation with semiconductor stocks has been stronger than its connection to the yen in recent months. However, the currency pressures are the type of macroeconomic stress that has historically reinforced the rationale for investing in a fixed-supply asset.
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TRON Network - Q2 2026
TRON Network - Q2 2026
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
By CoinDesk Research16 hours agoCommissioned byTronIn Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
Why it matters:
In Q2; TRON's stablecoin dominance rose to 28.7%, USDT supply on TRON hit $89B ATH, $89M in protocol fees (2nd to Hyperliquid), TRX +3%, and deepening institutional & agentic reach.
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