“Once liquidations start 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 bitcoin trade within the $60,000 to $63,000 band now that the initial recovery is underway.
MSCI’s Asia-Pacific shares rose 1.4% as investors returned to semiconductor stocks on renewed optimism over AI demand, trimming the week’s losses to less than 1%.
South Korea’s Kospi, a bell for AI investments, rose 4%. SK Hynix was among the winners after pricing $26.5 billion of American Depositary Shares, one of the biggest stock sales of the year.
Gains were further extended as the yen strengthened 0.6% and long 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 fell and is on course for a second straight weekly decline.
No crypto-native moved bitcoin this week. There was no ETF flow of any magnitude, no protocol event and no exchange failure. Bitcoin absorbed an oil shock, a global bond sell-off, a hawkish repricing of Fed expectations and two rounds of US attacks on Iran to end up 4.2% as Korean memory chips are in demand and the dollar loses ground.
