Markets Rally as Bitcoin Nears $83k; Zcash Upgrade Sparks Surge

Cryptocurrency markets saw an uptick as bitcoin climbed about 1.3%, trading just above $82,700 in Asian morning hours and oscillating near the $83,000 level. The move followed robust corporate earnings from SpaceX and Super Micro Computer that reignited interest in AI-related equities and sent tech shares across Asia higher.

Zcash led major gainers, jumping roughly 11% to near $1,260 after developers announced the mainnet activation height for the NU7 upgrade. NU7 shortens block time from 75 seconds to 25 seconds—meaning payments can confirm three times faster—and redirects 60% of transaction fees into a reserve that will be distributed over time. The upgrade has already been live on Zcash’s testnet since early October.

Wider market moves

The broader crypto market followed suit: HYPE and DOGE each advanced more than 3%, XRP rose nearly 3% to about $1.33, and ether ticked up 2% to roughly $2,450. BNB and SOL increased between 1% and 2%, while TRX held steady, according to CoinDesk data.

Asian equities recorded notable gains as well. South Korea’s Kospi surged 3.7% and Taiwan’s Taiex added 1.4%. SpaceX jumped 8% in extended trading and Super Micro climbed 16%, helping Nasdaq 100 futures rise about 1%. Still, not every AI-related name fared well: Australian data-center operator Nextdc plunged 40% after cutting its outlook.

Commodities and macro backdrop

Oil prices continued higher, with Brent topping $110 per barrel amid attacks on vessels near the Strait of Hormuz that threatened shipments, alongside U.S. industry data signaling another drop in inventories. The dollar strengthened slightly, while U.S. Treasuries retraced some of Tuesday’s gains.

Some analysts see signs that bitcoin’s extended decline may be nearing its end. Hashdex told CoinDesk that bitcoin’s recent bear phase had lasted 359 days as of Sept. 30, compared with previous bear durations of 361, 377 and 411 days since 2011. Short-term holders now control only about 16% of bitcoin’s supply, the lowest level since January 2023—suggesting fewer likely sellers on a dip.

Market participants are watching the Federal Reserve meeting on Oct. 27–28 closely. For bitcoin to demonstrate resilience ahead of that event, it would need to reclaim and sustain levels above $84,000.