Crypto Bloodbath: Bitcoin Tests $59K as AI Chips Steal the Spotlight

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Welcome to Stock Market Today, your market briefing with actionable insights on stocks, bonds, crypto and the events moving markets.
Let's get into it. Bitcoin is trading at $61,161, Ethereum at $1,634, both bleeding as capital rotation into artificial intelligence accelerates. Bitcoin dipped below $59,200 Wednesday, triggering nearly $1 billion in liquidations. The critical $59,000 support level is now the line in the sand. Break below that and analysts at 10x Research are calling $55,000 as the next stop. The catalyst? Micron Technologies reported revenue of $41.5 billion versus estimates of $35.7 billion, with fourth quarter guidance at $50 billion. Memory chip demand for AI infrastructure shows no signs of slowing, pulling capital out of crypto, and into semiconductors. SK Hynex filed for a $30 billion US listing, the largest overseas raise since Saudi Aramco.
Macro headwinds continue to squeeze. The Federal Reserve remains hawkish under new chair Kevin Warsh, with markets pricing two-rate hikes by March 2027
The dollar index hit 13-month highs, making dollar-priced assets more expensive globally. Spot Bitcoin ETFs posted six consecutive weeks of outflows, and MicroStrategy added just 520 BTC last week, the slowest pace in 18 months. Trump canceled the housing bill, signing that included a CBDC ban, conditioning it on passage of the Save America Act. This injects uncertainty into the Digital Asset Market Clarity Act and the IM line, with only five weeks before Senate summer recess.
Binance withdrew its Greek META application, forcing the exchange to restrict EU onboarding. Derivatives markets are flashing panic. One-week put options carry a 25-point premium. Over 10 million BTC is now underwater. If core PCE inflation data today comes in softer than expected, we could see a snapback rally. That wraps your market intel. Trade smart out there. For deeper insights and real-time analysis, visit capitalcopilot.io.