Bitcoin hits a two-week high near $65,500 as the chip trade turns back into a tailwind
CoinDesk 2026-07-21 05:34:00
Context: Bitcoin's price surged to a two-week high of around $65,500, driven by a rebound in Asian semiconductor stocks and a sustained influx of institutional investment into U.S. spot bitcoin ETFs. The rally, which also saw ether and other major tokens advance, has been fueled by a risk-on sentiment in financial markets. Traders are now eyeing the Federal Reserve's late-July meeting as a key test for the sustainability of the rally.
Key Facts
- Bitcoin's price rose 1% on the day and 5% on the week to reach $65,500, with approximately $33 billion in trading volume changing hands.
- The cryptocurrency market saw a broad-based rally, with ether up 3% on the day and 8% over seven sessions to $1,922, XRP adding 3% to $1.13, and Solana rising 2% to $78.
- U.S. spot bitcoin ETFs have recorded five consecutive days of inflows, totaling over $600 million, marking the strongest institutional buying since mid-July.
- Asian semiconductor stocks led the rebound, with MSCI's Asia Pacific equities gauge climbing 2%, and Samsung and Taiwan Semiconductor being the biggest contributors to the gain.
- The rally's sustainability is contingent on the Federal Reserve's late-July meeting, with traders expecting interest rates to hold steady but seeking signals on future policy moves, and markets pricing in a 15% chance of a July rate hike.