Bitcoin held near $64,000 on Wednesday after touching $65,000 for the first time in over a week, steadying even as South Korea's Kospi index sank 5.8% and U.S. Treasury yields sat near multi-decade highs. The move came alongside a new SEC proposal on crypto rules and an awaited White House meeting of the administration's innovation committee.
Bitcoin tapped $65,000 a day earlier for the first time in over a week before slipping back toward $64,000. It gained 0.4% to $64,416.4 by 05:17 ET on Wednesday. Its market capitalization stayed around $1.290 trillion, while its share of the total crypto market slipped below 57%.
Kospi tumbles as SK Hynix shares slide
The steadiness came despite a broader risk-off move across financial markets. South Korea's Kospi index slid 5.8% on Wednesday after shares of memory-chip maker SK Hynix fell a further 10%, leaving them about 50% below their all-time high. The company had just announced a 40 trillion won ($29 billion) share buyback, according to Bloomberg, as it sought to reassure investors amid fading enthusiasm for AI hardware spending. Meanwhile, the 30-year U.S. Treasury yield eased slightly from a multi-decade high of 5.338%, though long-term bond yields in Germany and France kept rising.
SEC proposes new crypto rules, White House meeting awaited
Cryptocurrency markets were also parsing a new regulatory proposal from the U.S. Securities and Exchange Commission. The SEC proposed rules on Tuesday that would create exemptions letting eligible crypto issuers raise up to $5 million over four years, or up to $75 million in any 12-month period. Separately, President Donald Trump is expected to join a White House session of his administration's innovation committee on Wednesday, with a follow-up meeting set at the Commodity Futures Trading Commission the next day.
Other major tokens posted modest gains alongside bitcoin: Ether rose 1.4% to $1,922.06, while XRP, Solana, and Cardano also edged higher.
Sources: CoinDesk, Investing.com, CryptoPotato
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