Bitcoin Holds Near $83K as AI Earnings Lift Tech Stocks, ZEC Gains 11%

Bitcoin gained 1.3% to trade slightly above $82,700 during Asian trading on Wednesday, remaining close to the $83,000 level as strong earnings from SpaceX and Super Micro Computer reignited enthusiasm for artificial intelligence and lifted technology stocks across the region.

Zcash (ZEC) outperformed major cryptocurrencies, climbing 11% to approximately $1,260 after developers announced the mainnet activation height for NU7, the network’s upcoming upgrade. The activation height specifies the block at which all network nodes begin operating under the updated rules.

The NU7 upgrade will reduce Zcash’s block interval from 75 seconds to 25 seconds, allowing payments to receive confirmation three times faster. It will also direct 60% of transaction fees into a reserve for distribution over time. The upgrade has been operating on Zcash’s testnet since early October.

Other cryptocurrencies also posted gains. HYPE and DOGE each advanced more than 3%, while XRP rose nearly 3% to $1.33. Ether climbed 2% to around $2,450, and BNB and SOL gained between 1% and 2%. TRX remained largely unchanged, according to CoinDesk data.

Asian equity markets also rallied. South Korea’s Kospi surged 3.7%, while Taiwan’s Taiex advanced 1.4%. SpaceX shares climbed 8% in extended trading, Super Micro Computer jumped 16%, and Nasdaq 100 futures rose 1%.

However, concerns about the AI infrastructure sector persisted. Australian data-center developer Nextdc plunged 40% after lowering its outlook.

Oil prices continued moving higher, with Brent crude rising above $110 per barrel. Attacks on vessels near the Strait of Hormuz threatened global oil shipments, while U.S. industry data indicated another decline in crude inventories. The U.S. dollar strengthened slightly, while Treasury bonds surrendered some of their gains from Tuesday.

Meanwhile, some analysts believe Bitcoin’s prolonged downturn could be approaching its final stages.

Hashdex said in an email to CoinDesk that Bitcoin’s bear market had lasted 359 days as of Sept. 30. That compares with 361, 377 and 411 days for the previous three bear phases recorded since 2011.

Short-term Bitcoin holders, who are generally more likely to sell during market declines, now account for just 16% of the cryptocurrency’s total supply. This represents their smallest share since January 2023.

The Federal Reserve is scheduled to meet on Oct. 27–28. Bitcoin would need to recover above $84,000 before the meeting to demonstrate stronger momentum heading into the policy decision.