Bitcoin Climbs Toward $83,000 as Zcash Jumps 11% on Upgrade Date

Bitcoin holds near $83,000 after strong tech earnings

Bitcoin rose 1.3% to just above $82,700 during Wednesday Asian morning hours, staying close to the $83,000 level. The move followed strong earnings from SpaceX and Super Micro Computer, which lifted technology stocks across Asia.

Zcash, known by its ticker ZEC, led the major cryptocurrencies with an 11% gain to about $1,260. The jump came after Zcash developers set the mainnet activation height for NU7, the network's next upgrade. The activation height is the block number at which every node switches to the new rules.

Key numbers from the session

• Bitcoin: up 1.3% to about $82,700, near the $83,000 mark.
• Zcash (ZEC): up 11% to about $1,260.
• HYPE and DOGE: each gained more than 3%.
• XRP: added nearly 3% to $1.33.
• Ether: rose 2% to about $2,450.
• BNB and SOL: gained between 1% and 2%.
• TRX: flat.

Market data came from CoinDesk.

What the Zcash upgrade changes

NU7 reduces the time between blocks from 75 seconds to 25 seconds, which means payments confirm three times faster. It also sends 60% of transaction fees into a reserve that is paid out over time. The upgrade has been running on Zcash's test network since early October.

Asian stocks and the AI trade

Asian markets had a strong session. South Korea's Kospi jumped 3.7% and Taiwan's Taiex gained 1.4%. SpaceX rose 8% in extended trading, Super Micro jumped 16%, and Nasdaq 100 futures climbed 1%.

There was also negative news in the AI buildout. Australian data-center developer Nextdc crashed 40% after it cut its outlook.

In other markets, Brent oil 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 slightly, and Treasuries gave back some of Tuesday's gains.

Analysts see signs bitcoin's slide may be near an end

Hashdex said in an email to CoinDesk that bitcoin's bear phase had lasted 359 days as of Sept. 30. That compares with 361, 377 and 411 days for the previous three such phases since 2011.

Hashdex also said short-term holders, the investors most likely to sell during a dip, now own just 16% of bitcoin's supply. That is the lowest share since January 2023.

These are the analysts' views and estimates, not confirmed outcomes.

What is still unclear

Whether bitcoin's recent decline has actually ended is not confirmed. Hashdex's comments describe a possible pattern, not a settled fact. The Federal Reserve meets on Oct. 27 and 28, and according to the report, bitcoin would need to climb back above $84,000 before then to show it is ready for that test.

Why this matters

Bitcoin's move was tied to the same technology-stock strength that pushed Asian indexes higher, showing the crypto market is still reacting to broader risk sentiment. The Zcash upgrade date gives holders a concrete timeline for faster payments and a new fee structure, while the Fed meeting on Oct. 27 and 28 is the next scheduled event that could affect market direction.

Sources

• CoinDesk