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Bitcoin hovers around $83,000 as AI earnings revive tech, ZEC jumps 11%
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- DeepHorus
Bitcoin rose 1.3% to just above $82,700 on Wednesday Asian morning, hovering around the $83,000 mark. Strong earnings from SpaceX and Super Micro Computer revived the artificial-intelligence trade and lifted technology stocks across Asia. The move put the largest cryptocurrency on firmer footing after a prolonged slump.
Zcash led major cryptocurrencies, jumping 11% to about $1,260. Developers set the mainnet activation height for NU7, the networkâs next upgrade. The activation height is the block number at which every node switches to the new rules.
NU7 cuts the time between blocks from 75 seconds to 25 seconds, so payments confirm three times faster. It also sends 60% of transaction fees into a reserve that is paid out over time. The upgrade has been running on Zcashâs test network since early October.
The broader market followed. HYPE and DOGE each gained more than 3%, XRP added nearly 3% to $1.33, and ether rose 2% to about $2,450. BNB and SOL gained between 1% and 2%, while TRX was flat.
Asian equities had a big day. South Koreaâs Kospi jumped 3.7% and Taiwanâs Taiex gained 1.4%. SpaceX rose 8% in extended trading and Super Micro jumped 16%, while Nasdaq 100 futures climbed 1%. Australian data-center developer Nextdc crashed 40% after cutting its outlook.
Hashdex analysts said bitcoinâs yearlong bear phase may be nearing an end. It had lasted 359 days as of Sept. 30, against 361, 377 and 411 days for the previous three since 2011. Short-term holders now own just 16% of supply, the lowest since January 2023.
Bitcoin would need to climb back above $84,000 before the Federal Reserveâs Oct. 27-28 meeting to show renewed strength. That level is seen as a key test for the marketâs near-term direction. A decisive break could signal the end of the bear phase.
