Bitcoin hovers around $83,000 as AI earnings revive tech, ZEC jumps 11%

Asia had a big day. South Korea’s Kospi jumped 3.7% and Taiwan’s Taiex gained 1.4%. SpaceX rose 8% in extended trading and Super Micro jumped 16%, and Nasdaq 100 futures climbed 1%.

It wasn’t all good news for the AI buildout, however, as Australian data-center developer Nextdc crashed 40% after it cut its outlook.

Oil kept climbing. Brent rose above $110 a barrel as attacks on ships around the Strait of Hormuz threatened shipments and U.S. industry data pointed to another drop in stockpiles. The dollar firmed a touch, and Treasuries gave back some of Tuesday’s gains.

Meanwhile, some analysts think the worst of bitcoin’s slide may be close.

Hashdex noted in an email to CoinDesk that bitcoin’s bear phase had lasted 359 days as of Sept. 30, against 361, 377 and 411 days for the previous three since 2011. Short-term holders, the most likely sellers on a dip, now own just 16% of bitcoin’s supply, the lowest share since January 2023.

The Fed meets on Oct. 27 and 28. Bitcoin would need to climb back above $84,000 before then to show it’s ready for that test.