Bitcoin (BTC) is trading above $66,000 U.S., its highest level in a month, as stocks of semiconductor makers reverse higher.
Early on July 20, Bitcoin was trading at $66,500 U.S., having risen 2% in the last 24 hours and bringing its weekly gain to 5%.
Ethereum (ETH), the second largest cryptocurrency, is also firming along with the entire market for digital assets.
The price of ETH was at $1,941 U.S, up 2% on the day and 8% over the past week.
The rebound in crypto comes as the stocks of leading semiconductor and microchip companies stage a rebound after declining sharply in recent weeks, rattling the entire market.
Stocks of high-flying chipmakers such as Micron Technology (MU) and SanDisk (SNDK) were each up more than 6% in premarket trading on July 20.
Each stock has fallen more than 25% in the last month as investors moved away from companies closely associated with the artificial intelligence (A.I.) infrastructure buildout.
Other leading microchip stocks, such as South Korea’s SK Hynix (SKHY), are also up more than 5% and staging a recovery after a big selloff.
The move back into A.I.-related stocks and other risk assets appears to be lifting cryptocurrencies such as Bitcoin.
BTC has been largely trading in a range of $60,000 U.S. to $65,000 U.S. after falling to $58,000 U.S. in late June, its lowest level of the year.
Crypto prices have languished since May of this year as institutional investors pulled billions of dollars from exchange-traded funds that track the spot price of Bitcoin and Ethereum.
