CoinDesk
Bitcoin gained 1.3% to about $82,700 in Asian trading as strong results from SpaceX and Super Micro Computer revived enthusiasm for the AI trade and lifted technology stocks across the region. Zcash rose 11% to about $1,260 after developers set the mainnet activation height for its NU7 upgrade.
Why it matters
NU7 is designed to cut Zcash block times from 75 seconds to 25 seconds, making payments confirm three times faster. The upgrade also directs 60% of transaction fees into a reserve paid out over time. It has been running on Zcash’s test network since early October.
The rally extended beyond BTC and ZEC. HYPE and DOGE gained more than 3%, XRP rose nearly 3% to $1.33, and Ether added 2% to about $2,450. BNB and SOL advanced 1% to 2%, while TRX was flat.
Market impact
Asian equities tracked the technology rebound: South Korea’s Kospi jumped 3.7% and Taiwan’s Taiex gained 1.4%. SpaceX rose 8% in extended trading, Super Micro climbed 16%, and Nasdaq 100 futures gained 1%. The rally was uneven, however. Australian data-center developer Nextdc plunged 40% after cutting its outlook.
Geopolitical risk added pressure elsewhere. Brent crude rose above $110 a barrel as attacks on ships near the Strait of Hormuz threatened shipments and U.S. industry data pointed to another draw in stockpiles. The dollar firmed slightly and Treasuries gave back some of Tuesday’s gains.
Hashdex said Bitcoin’s bear phase had lasted 359 days as of Sept. 30, compared with 361, 377 and 411 days for the previous three phases since 2011. Short-term holders owned 16% of Bitcoin’s supply, their lowest share since January 2023. Hashdex said a move above $84,000 before the Fed’s Oct. 27-28 meeting would signal renewed strength.
Frequently asked questions
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What changes is Zcash’s NU7 upgrade designed to make?
NU7 is designed to reduce block times from 75 seconds to 25 seconds, allowing payments to confirm three times faster. It also directs 60% of transaction fees into a reserve paid out over time.
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How did other major cryptocurrencies perform alongside Bitcoin and ZEC?
HYPE and DOGE gained more than 3%, XRP rose nearly 3% to $1.33, and Ether added 2% to about $2,450. BNB and SOL advanced 1% to 2%, while TRX was flat.
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What Bitcoin price level did Hashdex identify as a signal of renewed strength?
Hashdex said Bitcoin would need to reclaim $84,000 before the Fed’s Oct. 27-28 meeting to signal renewed strength.
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What did Hashdex report about Bitcoin’s bear phase and short-term holders?
Hashdex said the bear phase had lasted 359 days as of Sept. 30. Short-term holders owned 16% of Bitcoin’s supply, the lowest share since January 2023.
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What risks complicated the technology-led market rally?
Nextdc plunged 40% after cutting its outlook, while Brent crude rose above $110 a barrel amid threats to shipments near the Strait of Hormuz.
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