Bitcoin rose toward $64,000, up 1% on the day, as traders braced for the Federal Reserve's interest rate decision later today. The move comes amid a mixed session for global markets, with Korea suffering a record chip stock crash that left crypto untouched.
Fed decision in focus
The Federal Reserve is set to announce its latest rate decision today. Markets are watching closely for any signal on the pace of future cuts. Bitcoin's modest gain suggests traders are positioning cautiously, though the crypto has held steady near recent highs.
Korea chip rout
South Korea's chip stocks took a historic hit. SK Hynix plunged 17% after reporting a 557% surge in profit — a figure that still missed analyst estimates. The selloff dragged the broader KOSPI index lower, marking one of the worst days for the sector in years.
Crypto decouples
Unlike equities, crypto markets showed no spillover from the Korea crash. Bitcoin and major altcoins traded in a narrow range, suggesting the asset class is increasingly decoupling from traditional tech stock volatility. Whether that holds through the Fed's announcement remains the open question.
