Bitcoin briefly dropped below $63,000 for the first time since July 17 on July 28, as a chip-stock rout that began in Asia spread through global equity markets and dragged crypto down alongside it.
Chip Stocks Trigger the Selloff
The damage started in South Korea, where the Kospi index fell 10.8% in a single session on fears tied to China's semiconductor sector. Chipmakers were hit hardest: SK Hynix dropped 14.8%, while Japan's Kioxia Holdings sank 18.3%. The selling pressure crossed into US markets shortly after, with the Nasdaq Composite down just over 1% and Micron Technologies falling more than 10% at the open, touching its lowest levels since May 22.
Bitcoin Finds Its Footing Near $63K
Bitcoin's dip below $63,000 triggered more than $510 million in long liquidations over 24 hours, according to data cited by Cointelegraph. Analytics platform CoinAnk flagged $64,700 as a key level to watch. By the time of reporting, BTC had recovered to trade at $63,727.86, up 1.84% on the day, suggesting buyers stepped in relatively quickly once the lower level was tested.
The AI Capex Backdrop
The broader selloff comes against a backdrop of enormous AI infrastructure spending that markets are now scrutinizing more closely. Alphabet, Microsoft, Amazon and Meta have collectively guided to $725–730 billion in 2026 capital expenditure, with Wall Street projecting that figure could climb to $900 billion in 2027. Alphabet alone reported a $5.9 billion cash burn in its most recent quarter even as its cloud unit grew 82%. Adding to competitive pressure, Moonshot AI's Kimi K3 model launched two weeks earlier and has been benchmarked directly against systems from Anthropic and OpenAI, fueling questions about whether the current pace of AI spending is sustainable.
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With chip stocks and AI infrastructure names now trading with heightened volatility, Bitcoin's ability to hold above the $63,000 level in the sessions ahead may hinge as much on sentiment in traditional tech markets as on crypto-specific catalysts.
