Bitcoin Nears $83,000 as US Tech Earnings Boost Risk Appetite; Zcash Jumps 11%

Bitcoin neared $83,000 as strong earnings from U.S. technology companies improved sentiment toward risk assets.

Bitcoin traded around $82,700 during Asian hours on October 21, up 1.3%, CoinDesk reported. Strong results from SpaceX and Super Micro Computer revived enthusiasm for artificial intelligence-related investments, lifting both Asian equities and digital assets.

Among major cryptocurrencies, Zcash posted the biggest gain. It surged 11% to about $1,260 after the activation block height for its next network upgrade, NU7, was finalized. The upgrade will shorten block times to 25 seconds from 75 seconds, tripling transaction confirmation speed. It will also allocate 60% of transaction fees to reserves for phased distribution. The upgrade has been running on testnet since early October.

Other major cryptocurrencies also rose. Hyperliquid and Dogecoin each gained more than 3%, while XRP climbed about 3% to $1.33. Ether traded around $2,450, up 2%, while BNB and Solana added 1% to 2%.

Asian stocks also advanced, led by technology shares. South Korea's Kospi rose 3.7%, while Taiwan's Taiex gained 1.4%. SpaceX and Super Micro Computer climbed 8% and 16%, respectively, in after-hours trading, while Nasdaq 100 futures rose 1%. Australia-based data center developer NextDC, however, plunged 40% after lowering its earnings outlook.

Macro uncertainty remains. Brent crude climbed above $110 a barrel as concerns over supply disruptions grew after an attack on a vessel near the Strait of Hormuz. The possibility of a further decline in U.S. crude inventories also added pressure on oil prices. The dollar strengthened slightly, while U.S. Treasuries gave back part of the previous day's gains.

Separately, digital-asset manager Hashdex said Bitcoin's bear market may be nearing its final stretch when compared with past cycles. As of September 30, the downturn had lasted 359 days, close to the 361-day, 377-day and 411-day bear markets seen since 2011, according to its analysis. The share of Bitcoin held by short-term holders also fell to 16% of total supply, the lowest level since January 2023.

Markets are also focused on the Federal Reserve's monetary policy meeting scheduled for October 27-28. Whether Bitcoin can reclaim $84,000 before the meeting will be a key test of whether the short-term rally can continue.