Bitcoin Climbs Toward $84,000 as SpaceX and Tesla Lift US Stocks

Bitcoin adds 2.5% as stock markets open higher

Bitcoin rose 2.5% over 24 hours to $83,750, according to a Wednesday market update published about 12 minutes after the US stock market opened. The move came as the Nasdaq index advanced 0.7% in the first 30 minutes of trading.

Large gains in SpaceX, up 10%, and Tesla, up 4%, helped push the Nasdaq higher, according to the same update. A 3% fall in Netflix after its earnings and a 2% drop in Google kept the index from rising further.

US Treasury bond yields were lower by about 3 basis points across maturities, even as yields rose in Europe.

Key numbers from the session

• Bitcoin traded at $83,750, up 2.5% in 24 hours.
• Earlier in the morning, bitcoin was reported at $83,400 and later just above $82,500 at different points in the coverage.
• Nasdaq gained 0.7% in the first 30 minutes; Nasdaq 100 futures had risen 0.6% and then 0.4% before the open.
• Europe's Stoxx 50 was up 0.9%.
• SpaceX rose 9% before the open and 10% after, while Super Micro Computer gained 12% pre-market.
• Brent crude topped $110 a barrel after attacks near the Strait of Hormuz.

What XS.com says about the $82,500 level

XS.com's Simon-Peter Massabni, the firm's head of business development, called $82,500 bitcoin's most important support level. He said a "decisive and sustained break" below that price could hand control to sellers and expose bitcoin to a fall toward $70,000. That $70,000 downside case originated with market maker Wintermute, according to the report, and would mean a further 15% slide from the level cited. Massabni also said a move back above $84,000 would take the $70,000 scenario off the table.

Massabni said bitcoin's link to tech stocks is getting stronger. It fell alongside the Nasdaq last week after a hot US inflation report and a selloff in AI and chip stocks. In his view, that challenges the idea that bitcoin can consistently act as an independent safe haven from traditional market swings.

What moved stocks on Wednesday

SpaceX jumped after its AI and satellite internet businesses drove earnings well above forecasts. A report that Anthropic may spend $750 billion on computing power also eased worries about the AI spending boom. Super Micro Computer said it expects third-quarter sales of $18.5 billion to $19.5 billion, far ahead of estimates of $15 billion. Strong SpaceX results and possible merger plans with Tesla also lifted sentiment. Among data center and cloud-related names bouncing before the open were CoreWeave, up 2.9%, IREN up 4%, Hut 8 up 4.4% and TeraWulf up 5%. Meta and Tesla were both due to report results later on Wednesday.

South Korea's Elice rebounds after weak IPO

South Korean data center company Elice fell 32% after its initial public offering on Tuesday, dragging US peers down with it. It then surged 30% overnight, hitting the daily limit, though it remained below its IPO price. South Korea's Kospi index gained 3.3%.

France's bond market shows fresh stress

France's 10-year OAT yield rose above 5% for the first time since 2022 and later edged back to 4.995%, up nearly 8 basis points on the day. Germany's 10-year Bund yield rose just 2.8 basis points, widening the Bund-OAT spread to 158 basis points, the highest since the 2011 EU debt crisis.

In an FT opinion piece, Le Monde's Sylvie Kaufmann wrote that decades of uncontrolled public spending and pandemic-era support had pushed France's public deficit to 5.4% of GDP, with national debt at 119%, its highest level since 1946. She warned that continuing unrest would scare away investors, adding that remedies exist but require political courage.

Wall Street views on the AI boom

Citadel CEO Ken Griffin said AI is "almost certainly" in a bubble, with companies struggling to turn heavy spending into productivity gains and profits, though he expects the technology to drive entrepreneurship and create lasting market leaders. BlackRock CEO Larry Fink warned that slowing data center construction could fuel inflation by keeping computing costs high and threaten economic growth. Fink argued faster expansion would lower costs as AI demand accelerates, and said rising Treasury yields reflect mounting concerns over the US fiscal deficit.

Silvia cuts costs as executives depart

Anthony Pompliano's Silvia disclosed the coming departures of COO Megan Pacchia, CFO Renae Cormier and Chief Legal Officer Kyle Wood. Caroline Hennigar will become the new COO, and Catalina Abbey will serve as interim CFO. The departures came alongside a company-wide cost-cutting plan expected to save more than $10 million a year.

The company was originally formed as ProCap Financial amid the bitcoin treasury company trend of 2025, then changed its name to Silvia and shifted its business focus to agentic finance. Silvia has been selling bitcoin and buying back stock this year. Its bitcoin holdings were below 5,000 coins at last check, after peaking at nearly 5,500 in March.

What is confirmed

Bitcoin's price levels and 24-hour change, the US index moves, the individual stock moves, the Treasury and European bond yield changes, Super Micro Computer's sales guidance, Elice's price swings, the French bond figures and the Silvia executive changes and cost-cutting target all come from the source's market and company reports.

What is still unclear

The $70,000 downside scenario is a forecast from Wintermute and XS.com, not a confirmed outcome, and it depends on bitcoin breaking below $82,500. Griffin's and Fink's statements are opinions about AI and the economy, not settled facts. The report about Anthropic possibly spending $750 billion on computing power is described as a report, not a confirmed figure. Possible merger plans between SpaceX and Tesla are described as chatter, not an announced deal.

Sources

• CoinDesk