Ethereum (ETH) Laughed Alone Amid Domestic Semiconductor Stock Plunge...Recaptured $1,900

▲ Ethereum (ETH), Domestic Stock Market/AI Generated Image

While South Korean semiconductor stocks collapsed, Ethereum (ETH) maintained the $1,900 level. It rose to $1,914, avoiding the shock of the KOSPI plunge.

According to FXLeaders, a foreign exchange and finance specialized media outlet, on July 29 (local time), Ethereum rose by about 1%, climbing above $1,900. Despite the sell-off in semiconductor stocks that hit South Korean and Asian markets, the impact on the cryptocurrency market was limited.

The KOSPI plunged by 11% for two consecutive days, showing a record decline. SK Hynix saw its operating profit increase by 557% year-on-year, but fell 17% as it missed market expectations. Samsung Electronics, which is awaiting its earnings announcement, also dropped by 12%.

The cryptocurrency market showed a different trend from the semiconductor stock plunge. XRP rose by 2%, and BNB climbed to $567. Solana (SOL) held around $73. Hyperliquid (HYPE) fell by 3%.

Ethereum rebounded from around $1,550 at the end of June and recovered the $1,900 level. The steady inflow of funds into Ethereum spot ETFs over the past two weeks also supported the price recovery.

The market's attention turned to the interest rate decision by the U.S. Federal Reserve (Fed). The core personal consumption expenditure price index, second-quarter gross domestic product, and earnings of major U.S. tech companies are also scheduled. As Ethereum maintained the $1,900 level, the short-term correlation between semiconductor stocks and cryptocurrencies also weakened.

[Article Key Summary]

-Ethereum rose to $1,914, maintaining the $1,900 level despite the sharp decline in South Korean semiconductor stocks.

-While the KOSPI plunged 11% for two consecutive days and SK Hynix fell 17%, the impact on the cryptocurrency market was limited.

-Inflows into Ethereum spot ETFs and the Fed's interest rate decision have emerged as key variables for future price movements.

*Disclaimer: This article is for investment reference only, and we are not responsible for investment losses based on it. The content should be interpreted for informational purposes only.*