Key facts
- Bitcoin reached a two-week high of approximately $65,500.
- The cryptocurrency's rise coincided with a rebound in Asian semiconductor stocks.
- U.S. spot Bitcoin ETFs have experienced five consecutive days of inflows, exceeding $600 million.
- Ether, XRP, and Solana also saw price increases.
- Major Asian equity markets, including South Korea, Taiwan, and Japan, posted gains.
Bitcoin surged to a two-week high near $65,500 on Tuesday, buoyed by a reversal in the semiconductor stock selloff that had previously weighed on the crypto market. Asian chip stocks, including Samsung and Taiwan Semiconductor, led a broader risk rally across equities, with major markets in South Korea, Taiwan, and Japan posting significant gains.
The cryptocurrency's advance was further supported by consistent institutional buying, as U.S. spot Bitcoin ETFs recorded five consecutive days of inflows totaling over $600 million. This marks the strongest period of institutional accumulation since mid-July, reversing a prior eight-week outflow trend.
Ether also performed strongly, rising 3% to $1,922, while other major tokens like XRP and Solana saw gains. The broader market sentiment improved as oil prices pulled back, with Brent crude falling 1% amid indications of diplomatic efforts to ease hostilities in the Middle East.
Analysts suggest that current Bitcoin and Ether prices are considered fair given prevailing macro uncertainties. However, the upcoming Federal Reserve meeting on July 28-29 is seen as a critical juncture. While markets anticipate a steady interest rate, traders are closely watching for signals regarding future monetary policy, which could influence the sustainability of the current risk asset rally.