Bitcoin rose 1.3% to trade above $82,700 on Wednesday morning in Asia, hovering near $83,000 as strong earnings from SpaceX and Super Micro Computer renewed interest in AI-related investments and lifted technology stocks across the region.
Zcash (ZEC) led the cryptocurrency market, gaining 11% to approximately $1,260 after developers announced the mainnet activation height for its upcoming NU7 upgrade. This height marks the block at which all network nodes must transition to the updated protocol rules.
The NU7 upgrade will cut Zcash’s block time from 75 seconds to 25 seconds, making transaction confirmations three times faster. It will also direct 60% of transaction fees into a reserve for gradual distribution. The upgrade has been running on the network’s testnet since early October.
Other digital assets also advanced. HYPE and DOGE each climbed more than 3%, while XRP gained nearly 3% to $1.33. Ether rose 2% to around $2,450, and BNB and SOL added between 1% and 2%. TRX showed little movement, according to CoinDesk data.
Asian equities posted strong gains alongside the crypto rally. South Korea’s Kospi advanced 3.7%, and Taiwan’s Taiex rose 1.4%. SpaceX shares gained 8% in extended trading, while Super Micro Computer jumped 16%. Nasdaq 100 futures also moved 1% higher.
However, not every company tied to the AI infrastructure boom benefited. Australian data-center developer Nextdc plunged 40% after lowering its business outlook.
Energy markets continued to face upward pressure, with Brent crude climbing above $110 a barrel. Attacks on vessels near the Strait of Hormuz raised concerns over oil supply disruptions, while U.S. industry data suggested crude inventories had declined again. The U.S. dollar strengthened slightly, and Treasury prices retreated after Tuesday’s gains.
Meanwhile, some analysts see signs that Bitcoin’s prolonged bearish period could be nearing its end. Hashdex told CoinDesk that the current downturn had lasted 359 days as of Sept. 30, compared with 361, 377 and 411 days for the previous three bear markets since 2011.
Short-term holders, who are generally more inclined to sell during periods of weakness, now account for just 16% of Bitcoin’s supply. Their share has fallen to its lowest level since January 2023.
The Federal Reserve will hold its next policy meeting on Oct. 27–28. A recovery above $84,000 before the meeting could provide a stronger indication that Bitcoin is regaining momentum ahead of the decision.
