Crypto News: Bitcoin Reaches a One-Week High Near $83,500 as Asian Tech Stocks Rebound

• Bitcoin rose 0.6% to around $83,500, its highest level in a week.

• Asian technology stocks rebounded after earnings. South Korea’s Kospi rose 3.29% and Nasdaq 100 futures gained 0.44%.

• Elon Musk said SpaceX and Tesla formed special committees to discuss a merger that would combine more than 30,000 bitcoin ($2.5 billion).

• Zcash (ZEC) extended a jump of about 11% over the past day after developers set a November date for its NU7 upgrade.

• Near (NEAR) led the CoinDesk 100 with a 6.0% gain.

• 24-hour crypto futures volume is $190 billion, up 19%, and liquidations are $284 million, up 76%.

Bitcoin reached its highest level in a week on Wednesday, trading around $83,500 and adding 0.6% since midnight UTC. An earnings-led rebound in Asian technology stocks lifted risk assets, according to CoinDesk.

This crypto news comes as SpaceX and Tesla explore a merger that would combine more than 30,000 bitcoin.

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Crypto Market Data: Wednesday Snapshot

Key moves, according to CoinDesk data:

• Bitcoin (BTC): +0.6% since midnight UTC, to around $83,500 (one-week high)

• Ether (ETH): +0.6%, to near $2,460

• CoinDesk 80 (CD80): +0.47%

• CoinDesk 5 (CD5): +0.64%

• CoinDesk Memecoin Index: +1.2%

• CoinDesk 100 (CD100): +0.84%

• South Korea’s Kospi: +3.29%

• Nasdaq 100 futures: +0.44%

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Main News: Asian Tech Stocks Lift Crypto

SpaceX and Super Micro Computer set the tone with strong results on Tuesday in the U.S. South Korea’s Kospi advanced 3.29% and Nasdaq 100 futures rose 0.44%.

Altcoins moved with Bitcoin. Solana’s Alpenglow upgrade, which targets finality of about 150 milliseconds, goes live today. Meta Platforms reports after the U.S. close.

SpaceX and Tesla Explore a Merger

Elon Musk, CEO of SpaceX and Tesla, said the two companies have formed special committees to discuss a merger. A combined company would hold more than 30,000 bitcoin, worth $2.5 billion, on its balance sheets.

Derivatives Data

• Futures volume: $190 billion over 24 hours, up 19%

• Open interest (OI): $145 billion, up nearly 4%

• Liquidations: $284 million, up 76%

• Taker long/short volume ratio: nearly 53% to 47%

• BTC and ETH, 24 hours: spot prices rose 2.6% and 3.35%, while futures OI rose 3% and 2%

• ZEC: OI up 24% against a 12% price gain, annualized funding rate 10%

• XMR: OI up 8% to above $300 million, near record highs, with the spot price up 2% and funding at 4%

• BTW: annualized funding rate of minus 77%

• Implied volatility: Bitcoin’s 30-day index, BVIV, has fallen back below 40% after rising to over 42% on Oct. 15

• Deribit options: one-month put-call skew at 8%, a relative bias for puts

Traders who monitor crypto derivatives and on-chain data can follow live data through SpotX.

Token Moves

• Zcash (ZEC): +0.9% since midnight to about $1,260, extending the 24-hour jump to about 11%. Developers set a November activation date for NU7, an upgrade that cuts block times from 75 to 25 seconds and sends 60% of transaction fees into a reserve paid out over time. The token is still down about 12% over the month.

• Near (NEAR): +6.0% to about $5.23, the CD100’s biggest gainer. The move coincides with growth in NEAR Intents, a cross-chain swap product whose fees partly fund token buybacks, and a governance proposal to cut annual issuance from 2.5% to 1.6% over two years.

• Ethena (ENA): +4.8%, bouncing from a drop of about 22% over the month. USDe supply is about $4.7 billion, against the $7.5 billion that would start ENA buybacks.

• Aerodrome (AERO): -4.4%, the CD100’s steepest loss

• Morpho (MORPHO): -2.7%. The DeFi sector index rose only 0.22%, against 0.84% for the CD100.

• Injective (INJ): -2.1%, trimming a gain of about 18% over the month tied to pending U.S. ETF applications

CoinDesk Ticker Snapshot

• Bitcoin (BTC): $83,453.70 (+2.52%)

• Ethereum (ETH): $2,464.72 (+3.48%)

• XRP: $1.36 (+4.83%)

• Solana (SOL): $106.84 (+2.72%)

• Hyperliquid (HYPE): $81.55 (+4.58%)

Summary: Crypto News Today

Bitcoin reached a one-week high near $83,500 as Asian tech stocks rebounded, SpaceX and Tesla formed committees to discuss a merger, and zcash extended its jump.

• Bitcoin: +0.6% to around $83,500, a one-week high

• Merger talks: SpaceX and Tesla, with more than 30,000 bitcoin combined

• Derivatives: $190 billion in futures volume and $284 million in liquidations

• Top movers: NEAR +6.0%, ENA +4.8%, ZEC +11% over 24 hours

• Laggards: AERO -4.4%, MORPHO -2.7%, INJ -2.1%

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