Bitcoin lows pierce $63K as Asia chip-stock crash spreads to Wall Street

Bitcoin (BTC) hit ten-day lows at Tuesday’s Wall Street open as BTC price action followed a US stocks sell-off.Key points:Bitcoin price action reacts to contagion from an Asia stocks sell-off as it hits US markets.Chip makers are at the epicenter of the reversal with South Korea’s KOSPI Index closing the day down 10.8%Crypto long liquidations pass $500 million in 24 hours.Semiconductor giants fuel major Asia stock comedownSemiconductor-led losses from Asia spilled over into US trading. South Korea’s KOSPI Index finished the day down 10.8% in a single session, fueled by 14.8% losses for chip-maker SK Hynix, while Japan’s memory manufacturer Kioxia Holdings fell 18.3% on the day.In the US, the tech-heavy Nasdaq Composite Index was down just over 1% at the time of writing. Notably, semiconductor manufacturer Micron Technologies, which fell by more than 10% at the open, erased a rebound and saw its lowest levels since May 22.Micron Technologies one-week chart. Source: Cointelegraph/TradingViewSemiconductor stocks are contending with intensifying scrutiny over the sustainability of hyperscaler capital expenditure trajectories, as investors increasingly question whether the underlying ec...