Bitcoin rose as much as 2.4% to $84,737 on Wednesday as technology stocks gained after SpaceX released third-quarter results.
SpaceX reported third-quarter revenue of $14.6 billion, up 161% from $5.6 billion a year earlier. Net income was $4.4 billion, compared with a net loss of $1.1 billion in the prior-year quarter. The revenue figure beat expectations by nearly 15%, according to Cointelegraph.
SpaceX stock jumped 9% before the open. Nasdaq $NDAQ 100 futures edged up 0.4%, while the S&P 500 contracts added 0.2%. Analysts at Truist Securities said the results took some of the edge off concerns about how much companies are putting into AI infrastructure, according to Cointelegraph.
The rally brought buyers back to higher-risk holdings, according to Bloomberg, though it is unclear whether the AI boom can last.
The Office of the Comptroller of the Currency announced a final rule on Wednesday to implement the GENIUS Act, which sets a federal framework for payment stablecoins. The rule and the act take effect on Jan. 18, 2027, the agency said. The rule supported crypto sentiment, according to Bloomberg.
Bitcoin returned to $84,600 for the first time since Oct. 7. Short liquidations across crypto neared $110 million over four hours, according to Cointelegraph. Open interest in perpetual futures has risen after weeks of deleveraging, according to Bloomberg.
"At the moment, this still feels like a recovery vs the start of a rally," Jasper De Maere, an over-the-counter trader at Wintermute, told Bloomberg. He said the view could shift fast should bitcoin near $87,000 on solid upward momentum.
Himanshu Sahay, co-founder of Arch Lending, told Bloomberg that much of the bounce reflected short positions closing. "That's largely positioning resetting rather than new leverage going on," he said.
About $2.3 billion has flowed into spot bitcoin funds over the past month, according to Bloomberg, with BlackRock $BLK's IBIT absorbing most of it. Researchers at Glassnode wrote that trading activity has not picked up alongside the inflows, according to Bloomberg.
The Nasdaq fell 4.5% last week during a selloff in companies tied to artificial intelligence. Brent crude topped $110 a barrel on Wednesday.
Meta $META Platforms and Tesla $TSLA are scheduled to report earnings after the close on Wednesday, according to Cointelegraph.
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