Major cryptocurrencies remained mostly unchanged as the semiconductor market showed signs of stabilizing following a selloff. Bitcoin hovered around $64,100, while ether was priced at approximately $1,905, with trading volumes remaining modest.
Crypto's major currencies showed little movement amidst a slight recovery in semiconductor stocks.
On Thursday, significant cryptocurrencies displayed minimal fluctuations, with bitcoin priced at about $64,100 and ether near $1,905. XRP stood at $1.07, while solana traded at $74, BNB at $572, and TRON at $0.33. Hyperliquid's HYPE token fell to $54, amid approximately $28 billion in bitcoin transactions and $10 billion in ether.
Electronics leader Samsung reported a staggering 250-fold increase in chip profits, primarily driven by AI memory shortages. The Kospi index fluctuated between a 6% gain and a 2% loss, ultimately settling down after experiencing a significant decline of over 40% from its peak in June.
This response from Samsung indicates the heightened expectations among investors. Despite a remarkable profit increase of 250-fold, Samsung's shares rose only 2%. Similarly, SK Hynix, which posted a 557% profit increase, saw its shares drop by 17%. The issue appears to be the expectations rather than the results themselves.
In the U.S., earnings reports were mixed. Microsoft saw a nearly 9% increase in extended trading due to its fastest cloud growth in four years, while Meta Platforms dropped by 8% following a disappointing revenue forecast. Nasdaq 100 futures rose by 1% after the index entered a technical correction on Wednesday.
Despite the overall calm in crypto markets on Thursday, the weekly trends reveal more significant declines. HYPE has fallen by 8% over the past week, the largest drop among major cryptocurrencies. XRP has decreased by 6%, solana by 5%, and dogecoin by 4%, now trading at $0.07, while bitcoin has slipped by 3%. BNB, however, managed a slight weekly gain.
Interestingly, the turbulence in the equity markets has had minimal impact on the cryptocurrency sector. Bitcoin's movements have closely followed semiconductor stocks throughout July. It maintained stability despite last Thursday’s $797 billion drop in U.S. megacap tech stocks and Korea's significant two-day decline earlier in the week. This apparent resilience in altcoins seems indicative of thinning liquidity rather than a direct reaction to equity market fluctuations.