Bitcoin Drops to $63,000 Amid Global Chip Selloff
Bitcoin declines to approximately $63,000, reflecting a 1.7% drop in 24 hours, as reported by CoinDesk. The cryptocurrency market feels the impact of a broader selloff in chipmakers, with Ethereum also showing resilience compared to Bitcoin's losses.
Bitcoin has fallen to about $63,000, marking a 1.7% decrease over the past 24 hours and a 2.2% drop for the week. This decline aligns with a significant selloff in the semiconductor sector, which has affected risk assets broadly.
During this turbulence, Ethereum maintained a better performance at $1,836, with a 2.4% gain over the week. In contrast, the decentralized exchange Hyperliquid experienced a sharp decline, dropping 8% on the day and 12% for the week. Stocks in the Nasdaq 100 fell by 1.8%, while the S&P 500 contracts decreased by 0.9%. A semiconductor exchange-traded fund (ETF) also fell by 3% in premarket trading.
The semiconductor industry faces scrutiny concerning the return on investments made by AI hyperscalers, questioning whether the substantial funding will deliver justified returns. The release of this week’s soft inflation print had previously buoyed Bitcoin towards $65,000, yet the ongoing chip market downturn has reversed that momentum. Investors are now looking ahead to the Federal Reserve's meeting scheduled for July 28 and 29, which will likely influence market dynamics moving forward.
Summary based on original reporting by Shaurya Malwa at CoinDesk, originally published Jul 17, 2026. SolanaWire does not republish source content.
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