Bitcoin Tops $83,000 as SpaceX Earnings and Tesla Merger Talks Boost Markets

South Korean data center company Elice rebounded 30% after losing nearly the same amount following its stock market debut a day earlier.

Bitcoin Moves Toward $84,000 as U.S. Stocks Open Higher

SpaceX shares climbed 10%, while Tesla gained 4%, helping the Nasdaq advance 0.7% during the first half-hour of Wednesday’s trading session.

However, Netflix fell 3% following its earnings release, while Alphabet’s Google dropped 2%, limiting the broader index’s gains.

U.S. Treasury yields declined by approximately three basis points across maturities, even as government bond yields moved higher in Europe.

Bitcoin extended its recovery, rising 2.5% over the previous 24 hours to around $83,750.

Silvia Executives to Depart as Company Targets Cost Reductions

Silvia (SVIA), the company associated with Anthony Pompliano, announced the planned departures of Chief Operating Officer Megan Pacchia, Chief Financial Officer Renae Cormier and Chief Legal Officer Kyle Wood.

Caroline Hennigar will take over as COO, while Catalina Abbey will serve as interim CFO.

The leadership changes coincide with a company-wide cost-reduction program expected to deliver more than $10 million in annual savings.

The company was originally established as ProCap Financial (BRR) during the 2025 boom in Bitcoin treasury businesses. It subsequently adopted the Silvia name this year and shifted its focus toward agentic finance.

Silvia has also been selling Bitcoin and repurchasing its own shares. Its latest reported holdings stood below 5,000 BTC, down from a peak of nearly 5,500 coins in March.

Wall Street Leaders Debate Whether the AI Boom Is Sustainable

Citadel CEO Ken Griffin warned that the artificial intelligence sector is almost certainly experiencing a bubble. He pointed to difficulties companies face in converting substantial AI investments into measurable productivity improvements and profits. Nevertheless, he expects the technology to encourage entrepreneurship and produce influential businesses over the long term.

BlackRock CEO Larry Fink cautioned that a slowdown in data center construction could keep computing costs elevated, potentially contributing to inflation and weakening economic growth. He argued that expanding infrastructure more rapidly would help reduce costs as AI demand increases. Fink also highlighted rising Treasury yields as a sign of growing concern about the U.S. fiscal deficit.

South Korea’s Elice Rebounds 30% as Data Center Stocks Recover

Elice surged 30% overnight, reaching South Korea’s daily trading limit after plunging 32% following its initial public offering on Tuesday. Despite the recovery, the stock remained below its IPO price.

The rebound helped lift South Korea’s Kospi index by 3.3%.

Super Micro Computer (SMCI) also supported market sentiment after releasing preliminary results that exceeded expectations. The company projected third-quarter revenue of $18.5 billion to $19.5 billion, significantly above analyst estimates of $15 billion. Its shares rose 12% in premarket trading.

SpaceX’s strong earnings and reports of a potential merger with Tesla added to the positive mood across technology markets.

Other data center and neocloud stocks also advanced before the opening bell, including CoreWeave, IREN and Hut 8.

Global Stocks Remain Steady, but French Bond Market Concerns Persist

Speculation surrounding a potential combination of Elon Musk’s SpaceX and Tesla boosted U.S. equity futures, with Nasdaq 100 futures gaining 0.6%. Europe’s Stoxx 50 index rose 0.9%, while Bitcoin recovered to approximately $83,400 after falling to lower levels on Tuesday.

France’s government bond market continued to show signs of strain. The yield on the country’s 10-year OAT bonds briefly exceeded 5% for the first time since 2022 before retreating to 4.995%, still up almost eight basis points for the day.

By comparison, Germany’s 10-year Bund yield increased by just 2.8 basis points. The spread between French and German 10-year yields widened to 158 basis points, its highest level since the European debt crisis in 2011.

Concerns over France’s public finances have intensified amid persistent deficits and rising national debt. The country’s fiscal deficit is projected at 5.4% of GDP this year, while its national debt has reached approximately 119% of GDP, according to the cited commentary.

Continued political instability could further weaken investor confidence, increasing pressure on the government to implement fiscal reforms.

Bitcoin Risks a Drop to $70,000 if $82,500 Support Fails, XS.com Warns

Bitcoin was trading just above $82,500 on Wednesday, a level that Simon-Peter Massabni of XS.com identified as a critical support zone. Meanwhile, U.S. stock futures gained following SpaceX’s strong results, while oil prices climbed above $110 per barrel.

Massabni said Bitcoin’s relationship with technology stocks has strengthened. The cryptocurrency declined alongside the Nasdaq last week after hotter-than-expected U.S. inflation data triggered selling in AI-related and semiconductor stocks.

He warned that this growing correlation challenges the idea that Bitcoin can reliably act as an independent safe-haven asset during periods of traditional market volatility.

According to Massabni, a decisive and sustained break below $82,500 could strengthen selling pressure and expose Bitcoin to a decline toward $70,000. That scenario aligns with a downside outlook previously outlined by market maker Wintermute and would represent an additional drop of roughly 15% from current levels.

Technology stocks offered some support on Wednesday, with Nasdaq 100 futures rising 0.4% and S&P 500 futures gaining 0.2%. SpaceX shares advanced 9% before the market opened after its AI and satellite internet businesses helped deliver earnings well above expectations. Reports that Anthropic could spend $750 billion on computing infrastructure also helped ease some concerns about the sustainability of AI investment.

Meanwhile, Brent crude rose above $110 per barrel following attacks near the Strait of Hormuz, while Treasury yields edged higher. Investors were also preparing for earnings reports from Meta and Tesla later Wednesday.

A sustained Bitcoin recovery above $84,000 would weaken the immediate bearish scenario targeting $70,000, according to the market outlook.

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