Bitcoin Rides Chip Rally to Near $66,300 as Yen Hits 40-Year Low

Bitcoin has been holding steady near $66,300 on Wednesday, following its two-week high. The largest cryptocurrency is up nearly 1% on the day and 3% on the week, with a 24-hour range of roughly $65,400 to $66,900. Ether traded near $1,935, up 3% on the week.

The semiconductor rally that has driven crypto all month extended into a second session, with MSCI's Asia Pacific equities gauge rising 1%. South Korea's Kospi jumped 5%, following a more than 5% jump in a U.S. semiconductor gauge on Tuesday. Samsung and SK Hynix led the gains.

The yen has hit its weakest level in four decades, sliding past 163 per dollar for the first time since 1986. Finance Minister Satsuki Katayama said authorities remain ready to take 'bold steps' as needed, but the combination of a strengthening dollar, higher U.S. Treasury yields and oil rising on the Iran conflict has overwhelmed those efforts.

The scenario of a major currency losing a tenth of its value against the dollar, with its central bank unable to stop the slide despite tens of billions spent, is the exact scenario a debasement case for bitcoin points to.