Key facts
- Bitcoin traded near $65,900, consolidating a two-week high.
- A global semiconductor rally has supported Bitcoin's price.
- The Japanese yen weakened significantly against the dollar.
- Traders are awaiting Alphabet's earnings to assess AI investment trends.
- Bitcoin's performance has recently tracked the AI and chip stock trade.
Bitcoin traded near $65,900 on Wednesday, holding just below a two-week high and up 1.5% on the week, as a rebound in chip stocks stalled and traders awaited Alphabet's earnings results. The cryptocurrency has moved in tandem with the AI trade, correlating with chip stock performance due to shared risk appetite and the increasing overlap between bitcoin miners and AI data-center operators. The Japanese yen also fell below 163 per dollar for the first time since 1986, a move that historically supports the case for Bitcoin as a fixed-supply asset, though recent price action has tracked chip stocks more closely. Ether held near $1,917, up 2% on the week.