Bitcoin zips higher to nearly $64,000 as chip rally and yen strength drive gains
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Bitcoin advanced 3.5% to nearly $64,000 on July 10, 2026, recovering losses from earlier in the week when former President Trump issued warnings about potential strikes on Iran. The cryptocurrency ended the week up 4.2%, with about $28 billion in trading volume over 24 hours. Other major tokens such as ether and dogecoin also posted gains, while solana remained slightly down, marking the only major crypto that did not fully recover on the week.
Analysts attribute Bitcoin’s rapid rebound and the broader crypto market momentum not to crypto-specific events but to external factors, including a weaker US dollar, leveraged trading liquidations, and a strong rally in Asian semiconductor and AI-related equities. South Korea's Kospi index, reflecting AI investment, surged 4%, and semiconductor firm SK Hynix’s large $26.5 billion share sale further boosted investor confidence.
Additional upward pressure came from a 0.6% appreciation of the yen and falling long-term Japanese government bond yields, following statements by Finance Minister Satsuki Katayama encouraging pension funds to increase domestic asset holdings. These macroeconomic moves contributed to a second consecutive weekly decline in the US dollar, further supporting Bitcoin’s price gains when measured in dollars.
This week’s Bitcoin price action reflected sensitivity to traditional market factors rather than blockchain developments, marking a period where cryptocurrencies are influenced more by global equity trends, currency fluctuations, and geopolitical tensions than by internal crypto ecosystem news. If the dollar continues to weaken amid persistent demand in the semiconductor sector tied to AI growth, the crypto markets may continue to follow broader tech sector cycles rather than cryptocurrency-specific fundamentals.