“Once liquidations begin to drive price action, the market can move faster than real demand would justify,” said Shawn Young, chief analyst at MEXC Research, who is watching how bitcoin trades inside the $60,000 to $63,000 band now that the first recovery is in.
MSCI’s Asia Pacific equities gauge climbed 1.4% as investors moved back into semiconductor shares on renewed optimism over AI demand, cutting the week’s loss to under 1%.
South Korea’s Kospi, a bellwether for AI investment, jumped 4%. SK Hynix was among the winners after pricing $26.5 billion of American depositary shares, one of the largest share sales of the year.
Gains were further extended as yen strengthened 0.6% and long-dated Japanese government bond yields fell after Finance Minister Satsuki Katayama said the government wants pension funds to increase their holdings of domestic assets. Bloomberg’s dollar gauge declined and is heading for a second consecutive weekly drop.
Nothing crypto-native moved bitcoin this week. There was no ETF flow of any size, no protocol event and no exchange failure. Bitcoin absorbed an oil shock, a global bond selloff, a hawkish repricing of Fed expectations and two rounds of U.S. strikes on Iran, and finished up 4.2% because Korean memory chips are in demand and the dollar is losing ground.
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