BTC Breaks Above $83,000 as SpaceX Earnings and Tesla Merger Prospects Support Markets

South Korean data center firm Elice rebounded 30% after its stock price plunged by a similar amount following its IPO a day earlier.

Bitcoin Nears $84,000 as SpaceX and Tesla Shares Lift Nasdaq

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

The broader advance was limited by losses in other major technology stocks. Netflix fell 3% following its earnings report, while Google declined 2%.

U.S. Treasury yields dropped around three basis points across maturities, even as European bond yields moved higher.

Bitcoin extended its recovery, rising 2.5% over the past 24 hours to approximately $83,750, putting the $84,000 level within reach.

Silvia Announces Leadership Changes as Cost-Cutting Efforts Intensify

Silvia (SVIA), the company linked to Anthony Pompliano, announced that Chief Operating Officer Megan Pacchia, Chief Financial Officer Renae Cormier and Chief Legal Officer Kyle Wood would leave their positions.

Caroline Hennigar will take over as COO, while Catalina Abbey has been named interim CFO.

The departures coincide with a company-wide cost-cutting initiative expected to deliver more than $10 million in annual savings.

Previously known as ProCap Financial (BRR), the company emerged during the 2025 Bitcoin treasury boom before rebranding as Silvia and shifting its focus toward agentic finance this year.

Silvia has also been reducing its Bitcoin holdings while repurchasing its own shares. Its latest reported reserves stood below 5,000 BTC, compared with a peak of nearly 5,500 BTC in March.

Citadel and BlackRock CEOs Debate the Sustainability of AI Growth

Citadel CEO Ken Griffin warned that the artificial intelligence sector is almost certainly experiencing a bubble, pointing to difficulties companies face in turning substantial AI spending into higher productivity and stronger profits.

Despite those concerns, Griffin expects AI to encourage entrepreneurship and create influential companies that could become long-term market leaders.

BlackRock CEO Larry Fink warned that slower data center construction could keep computing costs elevated, increase inflationary pressure and weigh on economic growth. He argued that accelerating infrastructure development would help reduce costs as demand for AI computing continues to rise.

Fink also highlighted increasing Treasury yields as a sign of growing concerns about the U.S. government’s fiscal deficit.

Elice Shares Jump 30% as Data Center Stocks Recover

South Korean data center company Elice surged 30% overnight, reaching the daily trading limit after falling 32% following its IPO on Tuesday. Despite the rebound, its shares remained below the initial offering price.

South Korea’s Kospi index climbed 3.3%, reflecting renewed strength across technology-related stocks.

Super Micro Computer (SMCI) also supported market sentiment after forecasting third-quarter revenue of $18.5 billion to $19.5 billion, well above analysts’ expectations of $15 billion. Its shares rose 12% in premarket trading.

Strong SpaceX earnings and speculation about a potential merger with Tesla further improved investor sentiment. Other data center and neocloud stocks, including CoreWeave, IREN and Hut 8, also moved higher before the U.S. market opened.

Global Markets Advance as French Bond Yields Highlight Fiscal Risks

Reports of a possible merger between Elon Musk’s SpaceX and Tesla helped lift U.S. stock futures. Nasdaq 100 futures rose 0.6%, while Europe’s Stoxx 50 gained 0.9%. Bitcoin also recovered to approximately $83,400 after retreating during the previous session.

France’s government bond market continued to show signs of strain. The 10-year French OAT yield briefly crossed 5% for the first time since 2022 before easing to 4.995%, leaving it nearly eight basis points higher on the day.

Germany’s 10-year Bund yield increased by only 2.8 basis points, pushing the spread between French and German government bond yields to 158 basis points. This marked the widest gap since the European debt crisis in 2011.

Investors remain concerned about France’s public finances. The country’s fiscal deficit is projected to reach 5.4% of GDP this year, while its national debt has risen to approximately 119% of GDP.

Continued political instability could further weaken investor confidence and increase pressure on French policymakers to implement fiscal reforms.

Bitcoin Faces a Potential $70,000 Decline if $82,500 Support Breaks

Bitcoin was trading slightly above $82,500 on Wednesday, with XS.com’s Simon-Peter Massabni identifying the level as a critical support zone.

Improving sentiment in technology stocks offered some relief to the cryptocurrency following SpaceX’s strong earnings. However, oil prices climbed above $110 per barrel, adding another source of market uncertainty.

Massabni said Bitcoin has become increasingly sensitive to movements in technology stocks. Last week, BTC fell alongside the Nasdaq after hotter-than-expected U.S. inflation data triggered selling across AI and semiconductor shares.

He cautioned that this growing correlation challenges Bitcoin’s reputation as an independent safe-haven asset during periods of volatility in traditional financial markets.

According to Massabni, a decisive and sustained break below $82,500 could strengthen selling pressure and expose Bitcoin to a decline toward $70,000. Market maker Wintermute has outlined a similar bearish scenario, which would imply a further drop of approximately 15%.

Meanwhile, Nasdaq 100 futures gained 0.4%, while S&P 500 futures rose 0.2%, offering support to risk assets.

SpaceX shares climbed 9% in premarket trading after its artificial intelligence and satellite internet businesses helped deliver earnings well above expectations. Reports that Anthropic could spend $750 billion on computing infrastructure also eased some concerns about the sustainability of AI investment.

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

A sustained recovery above $84,000 could weaken the near-term bearish outlook and reduce the risk of Bitcoin falling toward the $70,000 target.