Bitcoin climbed 1.3% to just above $82,700 during Wednesday’s Asian session, staying near $83,000 as upbeat earnings from SpaceX and Super Micro Computer boosted investor confidence in artificial intelligence and pushed technology shares higher across Asia.
Zcash (ZEC) led gains among major cryptocurrencies, surging 11% to roughly $1,260 after developers announced the mainnet activation height for the network’s upcoming NU7 upgrade. This milestone determines the block at which all nodes must adopt the new protocol rules.
The NU7 upgrade will shorten Zcash’s block production time from 75 seconds to 25 seconds, enabling transaction confirmations to occur three times faster. The update will also allocate 60% of transaction fees to a reserve that will be distributed over time. NU7 has been running on Zcash’s testnet since early October.
The broader crypto market also moved higher. HYPE and DOGE advanced more than 3% each, while XRP gained nearly 3% to reach $1.33. Ether rose 2% to approximately $2,450, and BNB and SOL recorded gains of 1% to 2%. TRX traded largely unchanged, according to CoinDesk data.
Asian stock markets followed the positive momentum. South Korea’s Kospi jumped 3.7%, while Taiwan’s Taiex climbed 1.4%. In U.S. extended trading, SpaceX shares advanced 8% and Super Micro Computer surged 16%. Nasdaq 100 futures also rose 1%.
Despite the broader rally, the AI infrastructure sector faced setbacks. Australian data-center operator Nextdc plunged 40% after revising its outlook downward.
Oil prices extended their rally, with Brent crude moving above $110 per barrel as attacks on ships near the Strait of Hormuz raised concerns about supply disruptions. U.S. industry figures also indicated another reduction in crude inventories. Meanwhile, the dollar edged higher, and U.S. Treasury bonds gave back some of Tuesday’s gains.
Some market analysts believe Bitcoin’s downturn may be nearing its later stages. Hashdex told CoinDesk that the latest bear market had reached 359 days by Sept. 30, compared with 361, 377 and 411 days for the previous three downturns since 2011.
Short-term holders, who tend to be more vulnerable to selling pressure during market declines, now control just 16% of Bitcoin’s circulating supply. That is their lowest proportion since January 2023.
The Federal Reserve’s next policy meeting is scheduled for Oct. 27–28. Bitcoin would need to recover above $84,000 before then to signal renewed strength ahead of the decision.
