CoinDesk: SK Hynix joining $1T club adds to Bitcoin's downward pressure

SK Hynix surpassing a $1 trillion market capitalization is intensifying downward pressure on Bitcoin as memory chip stocks monopolize market capital and attention, CoinDesk reported. The outlet noted that Micron Technology's stock surged 21% yesterday to exceed a $1 trillion market cap, with SK Hynix joining the club today. According to the report, memory-related stocks, integral to the AI boom, are drawing interest and capital away from the cryptocurrency market, fostering a negative sentiment for assets like Bitcoin. In a related comment, James Check (Checkmate), former lead analyst at Glassnode, added that no one is currently interested in Bitcoin. He explained that investor sentiment for the cryptocurrency has completely bottomed out, and long-dormant bears are now showing confidence.