- Bitcoin falls to $63,799, down both daily and weekly amid a deep chip rout.
- SK Hynix earnings miss estimates, deepening the global AI chip stock selloff.
- Nvidia’s credit default swaps spike on “circular financing” concerns tied to AI.
Bitcoin traded near $63,799, UP 0.98% over the past 24 hours and down 3.87% for the week, while Ethereum held around $1,900, UP 1.29% daily and down 1.87% weekly. XRP slipped to $1.07, down 5.86% for the week, and Solana traded near $73.26, down 6.21% for the week alongside its flat 24-hour move. Hyperliquid’s HYPE token fell 3.55% to $54.10, extending a 10.59% weekly decline.
Total crypto market capitalization stood at $2.18 trillion, up 0.52% over the past day. The Fear & Greed Index read 35, still in “fear” territory, while the Altcoin Season Index eased to 51.
Trending Searches Today
MetaDAO led trending searches with a striking 55.9% surge over 24 hours, while Casper Network gained 6.5% and Pudgy Penguins held roughly flat, down 0.3%. The scale of MetaDAO’s move shows continued speculative concentration in smaller tokens even as broader sentiment stayed mixed.
Chip Sector Rout Deepens
Bitcoin briefly fell below $63,000, hitting a near 10-day low, as a global tech sell-off triggered by weakness in Asian semiconductor stocks spread into crypto. SK Hynix reported second-quarter operating profit up 557% year-over-year to a record 60.5 trillion won, but the figure missed the 64 trillion won consensus, and revenue also fell short of expectations.
Shares fell 9% in US regular trading before tumbling another 9% after hours, dragging SanDisk and Micron down more than 4% each. The Philadelphia Semiconductor Index dropped more than 5% intraday to a two-month low, with the Nasdaq 100 now down 10% from its record high.
Analysts flagged that combined 2026 capex guidance from Alphabet, Microsoft, Amazon, and Meta stands near $725-730 billion, with Wall Street projecting a further rise to $900 billion in 2027, fueling growing skepticism about whether AI infrastructure spending can generate adequate returns.
Nvidia’s Credit Risk Draws Scrutiny
Nvidia’s five-year credit default swap spread surged 14 basis points to 0.82%, its largest intraday jump since November 2025, as investors raised concerns over “circular financing” risk tied to Nvidia’s role investing in, guaranteeing, and leasing data centers that then purchase Nvidia chips. Total crypto liquidations reached roughly $608 million over 24 hours, with longs accounting for about 84% of the total, according to CoinGlass, and analysts warned a drop below $64,700 could trigger a chain reaction of further long liquidations.
Saylor Warns of Internal Governance Risk to Bitcoin
Michael Saylor published a statement arguing Bitcoin’s greatest threat now comes from internal factions seeking to alter consensus rules rather than external adversaries, specifically criticizing proposals like BIP-110 and block-size expansion efforts. He called for keeping Bitcoin’s base layer “simple, neutral, scarce, and secure,” warning that rule changes benefiting narrow interests could undermine the network’s long-term security model as block rewards continue halving.
Clarity Act Faces New Hurdles
134 US bank executives sent a joint letter to the Senate demanding tighter restrictions on stablecoin yield provisions, warning that quasi-interest rewards could erode local deposit bases. Separately, Senator Ruben Gallego is working with Republican Thom Tillis on a compromise ethics proposal that would let state attorneys general share enforcement authority with the DOJ, as the bill’s path to an August recess vote remains uncertain.
Institutional and Corporate Developments
Morgan Stanley Investment Management launched Ethereum and Solana ETPs (MSSE and MSOL) at a 0.14% fee, both offering staking participation, rounding out a crypto ETP lineup that now spans Bitcoin, Ether, and SOL.
Apple’s market cap topped $5 trillion for the first time. Galaxy Digital acquired 500 acres in Texas for a second AI and HPC data center campus, expecting to add at least $130 million to the local tax base once complete.
Blockaid reported the crypto industry lost more than $1 billion to hacks in the first half of 2026, with North Korean hackers linked to the largest incidents, including $285 million and $292 million thefts from Drift and KelpDAO respectively.
Related: Emirates Launches Crypto Payments for UAE Customers Through Crypto.com
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