Bitcoin Remains Near $83,000 as ZEC Jumps 11% Amid Tech Market Rebound

Bitcoin advanced 1.3% to slightly above $82,700 during Wednesday’s Asian trading session, remaining close to $83,000 as strong earnings from SpaceX and Super Micro Computer revived enthusiasm for AI investments and fueled gains in technology stocks across Asia.

Zcash (ZEC) emerged as the strongest performer among major cryptocurrencies, jumping 11% to around $1,260. The rally followed developers’ announcement of the mainnet activation height for NU7, the network’s next upgrade. The activation height identifies the block where all nodes must begin following the revised protocol rules.

The NU7 update will reduce Zcash’s block interval from 75 seconds to 25 seconds, allowing transactions to be confirmed three times faster. It will also channel 60% of transaction fees into a reserve that will be distributed over time. The upgrade has been running on Zcash’s testnet since early October.

Gains extended across the broader crypto market. HYPE and DOGE climbed more than 3% each, while XRP rose nearly 3% to $1.33. Ether gained 2% to approximately $2,450, and BNB and SOL advanced between 1% and 2%. TRX remained largely unchanged, according to CoinDesk data.

Asian stock markets also rallied, with South Korea’s Kospi rising 3.7% and Taiwan’s Taiex gaining 1.4%. In extended trading, SpaceX shares increased 8%, while Super Micro Computer surged 16%. Nasdaq 100 futures added 1%.

However, the AI infrastructure sector delivered a major setback as Australian data-center developer Nextdc plunged 40% after cutting its outlook.

Oil prices continued their upward trend, with Brent crude surpassing $110 per barrel. Attacks on ships near the Strait of Hormuz heightened concerns about potential supply disruptions, while U.S. industry data pointed to another decline in crude stockpiles. The dollar edged higher, and U.S. Treasury bonds surrendered part of their previous session’s gains.

Some analysts believe Bitcoin’s extended bearish phase may be approaching its end. Hashdex told CoinDesk that the current downturn had lasted 359 days as of Sept. 30, compared with 361, 377 and 411 days for the three preceding bear markets since 2011.

Short-term Bitcoin holders, who are more likely to sell during market weakness, now account for just 16% of the cryptocurrency’s supply. This is the smallest proportion recorded since January 2023.

The Federal Reserve’s next policy meeting is scheduled for Oct. 27–28. Bitcoin would need to reclaim the $84,000 level before the meeting to demonstrate stronger momentum ahead of the central bank’s decision.