Bitcoin holds near $66,300 as chips extend their rally and the yen hits a 40-year low

Bitcoin maintained a price near $66,300 on July 22, 2026, holding a two-week high amid strong trading volumes and relatively stable movements among major cryptocurrencies. Over the day, bitcoin rose nearly 1%, gaining about 3% for the week, with approximately $31 billion traded. Other major tokens showed moderate weekly gains, such as Ether near $1,935 with a 3% increase, XRP rising 2% to $1.14, and TRON edging up slightly. However, Hyperliquid’s token HYPE declined by 4% on the day and 10% over the week. The market’s broad stability and the limited price action in other crypto assets suggest bitcoin’s rally is driven more by macroeconomic factors than crypto-specific news.

The article highlights a strong global rally in semiconductor stocks as a significant influence on bitcoin's recent price movements. Equity indexes in the Asia Pacific region rose notably, with South Korea's Kospi jumping 5%, partly due to a leveraged-position unwind reversing earlier losses. Leading semiconductor companies Samsung and SK Hynix helped push gains following rebounds in U.S. chip stocks, which had been hit by a recent market shock related to Chinese AI policy concerns. This chip sector strength has been cited as the primary driver behind bitcoin’s rally in recent weeks, rather than any inherent crypto developments.

Additionally, the Japanese yen has fallen to its weakest level since 1986, surpassing 163 yen per U.S. dollar, despite active intervention efforts by Japanese authorities. The finance minister stated that the government remained prepared to take "bold steps" to address the currency’s decline, but these measures have so far been insufficient, overwhelmed by broader global factors including a rising U.S. dollar, higher Treasury yields, and increased oil prices amid geopolitical tensions in Iran. This currency depreciation feeds into a longer-term narrative favoring bitcoin as a fixed-supply asset that can serve as a hedge against fiat currency debasement, though the article notes it is unclear if this argument is currently driving significant investment flows into bitcoin.

The report also briefly touches on TRON’s Q2 2026 performance, noting that TRON’s stablecoin dominance increased to 28.7%, with USDT supply on TRON reaching an all-time high of $89 billion, and protocol fees hitting $89 million—second only to Hyperliquid. TRON’s native token TRX rose 3% during the quarter alongside expanding institutional engagement. This reflects ongoing developments in specific crypto sectors, although these factors appear secondary to the broader macroeconomic influences shaping the overall bitcoin market at present.