Bitcoin Hits $63,000 — Chipmaker Selloff Tightens Crypto's Grip
By John Nada·Jul 17, 2026·2 min read
Bitcoin climbs back to $63,000 amid a chipmaker selloff. Market conditions show how crypto's fortunes are tied to broader tech sector movements.
Bitcoin has again breached the $63,000 mark, a notable bounce back from its earlier retreat amidst a global chipmaker selloff. According to CoinDesk, the cryptocurrency's climb coincides with the Nasdaq trimming its earlier losses to just 1% after a rough start.
The chip industry took a hit, dragging down risk assets including Bitcoin, which had approached $65,000 following a softer inflation figure earlier in the week. But the market's turbulence wasn't isolated. As the semiconductor ETF dropped 3%, Micron and SanDisk reversed course, each climbing over 3%, helping stabilize broader tech indices and offering Bitcoin a modest recovery.
This financial volatility ripples through key players like Meta and Anthropic. These companies are reportedly negotiating a $10 billion computing power deal, potentially reshaping AI infrastructure and influencing associated tech stocks. CoinDesk mentioned Anthropic's proposal to rent Meta's AI data centers, injecting more complexity into the tech sector's current turmoil.
Broader macro factors are still at play. With WTI crude futures on track for the biggest weekly gain since April, inflation could re-emerge as a concern, posing a threat to Bitcoin's recent upward momentum. The cryptocurrency had climbed after the July inflation data suggested fewer immediate rate hikes from the Fed, but rising oil prices are stirring the inflation pot again.
Meanwhile, as crypto-related stocks show volatility, with Bitcoin miners like Hut 8 and Bitdeer dropping over 7%, the broader market keeps a wary eye on the semiconductor sector. The overall question remains whether AI hyperscaler investments justify their sky-high valuations, which Taiwanese Semiconductor Manufacturing Company (TSMC) failed to clarify with its latest results.
As the global markets grapple with these complexities, Friday’s chipmaker slide artfully illustrates the delicate dance between tech innovation and financial markets. Bitcoin's future remains tethered to these larger economic currents, with the Federal Reserve meeting on July 28-29 destined to be another pivotal moment.