Bitcoin Fell Less Than Chip Stocks During Two Recent Market Selloffs

Bitcoin (BTC) lost less than semiconductor stocks in two recent downturns, with the cryptocurrency roughly flat during the first and down about 3% in the second. From June 22 to July 29, the Nasdaq 100 fell about 10% and the semiconductor index (SOX) dropped about 29%, while Bitcoin was roughly unchanged. Micron fell about 39%, South Korea’s KOSPI index lost about 38% and SK Hynix declined about 52% over the same period. In a pullback that began Oct. 2, Bitcoin fell about 3%. The Nasdaq 100 declined roughly 4% and the SOX fell about 14%; Micron dropped about 16%, the KOSPI lost about 21% and SK Hynix fell about 31%. The October decline was the second notable downturn in chip stocks since June.

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