AI Earnings Boost Tech Stocks as Bitcoin Hovers Near $83,000

Bitcoin rose 1.3% to just above $82,700 in early Asian trading on Wednesday, hovering near the $83,000 mark.

Earlier, strong earnings reports from SpaceX and Super Micro Computer reignited market enthusiasm for artificial intelligence (AI) concept stocks, driving broad gains across Asian technology shares.

Among major cryptocurrencies, ZEC led the rally with an 11% gain to around $1,260.

This followed the Zcash developers' confirmation of the mainnet activation block height for the network's next upgrade, NU7.

The so-called activation height refers to the block number at which all network endpoints begin switching to the new rules.

Other cryptocurrencies also broadly followed higher.

According to data, both HYPE and Dogecoin (DOGE) rose more than 3%, while XRP gained nearly 3% to $1.33; Ether advanced 2% to around $2,450.

BNB and SOL posted gains between 1% and 2%, while TRX was roughly flat.

Asian stock markets put in a strong performance.

South Korea's Kospi surged 3.7%.

SpaceX rose 8% in after-hours trading, Super Micro Computer jumped 16%, and Nasdaq 100 futures climbed 1%.

However, not all news from the AI infrastructure space was positive.

Australian data center developer Nextdc saw its shares plunge 40% after cutting its business outlook.

Oil prices continued to climb.

Brent crude broke above $110 per barrel, as attack threats against vessels around the Strait of Hormuz endangered oil shipments, while U.S. industry data suggested oil inventories may decline once again.

The U.S. dollar strengthened slightly, while U.S. Treasuries gave back some of Tuesday's gains.

Meanwhile, some analysts believe the worst phase of Bitcoin's current decline may be nearing its end.

Crypto asset management firm Hashdex noted that as of September 30, Bitcoin's current bear market had lasted 359 days, compared with 361 days, 377 days, and 411 days for the previous three bear markets since 2011.

Short-term holders, typically the group most likely to sell Bitcoin during price declines, currently hold only 16% of Bitcoin's total supply, the lowest share since January 2023.

The Federal Reserve will hold its monetary policy meeting on October 27-28.

Ahead of that, Bitcoin needs to reclaim $84,000 to signal that it is ready for this test.