Crypto rises with Asian tech stocks, zcash extends gain after setting upgrade date — SkimNews
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- Bitcoin climbed to roughly $83,500, up 0.6% since midnight UTC and its highest in a week, as an earnings-led rebound in Asian tech stocks — paced by SpaceX and Super Micro Computer — lifted risk assets, with South Korea's Kospi up 3.29% and Nasdaq 100 futures up 0.44%.
- SpaceX and Tesla formed special committees to discuss a merger that would combine more than 30,000 bitcoin ($2.5 billion) held across their balance sheets, per Elon Musk.
- Zcash gained another 0.9% to about $1,260, extending its 24-hour rise to roughly 11% after developers set a November activation date for the NU7 upgrade, which cuts block times from 75 to 25 seconds and routes 60% of fees into a reserve payout.
- Near Protocol led the CoinDesk 100 Index with a 6.0% gain, coinciding with growth in NEAR Intents and a governance proposal to cut annual token issuance from 2.5% to 1.6% over two years.
- Crypto derivatives saw 24-hour futures volume jump 19% to $190 billion and liquidations up 76% to $284 million, with the taker long/short ratio tilting to 53%/47% in favor of longs.
- Privacy coins drew fresh leverage: ZEC open interest rose 24% against a 12% price gain with a 10% annualized funding rate, while Monero's CVD stayed positive — the only major coin showing that signal.
- Solana's Alpenglow upgrade, targeting roughly 150-millisecond finality, went live Wednesday, while Meta Platforms was set to report after the U.S. close.
Why it matters: Bitcoin open interest rose only about 3% against a 2.6% spot price move, meaning the rally was driven by existing positioning rather than fresh capital. With derivatives still showing long-side appetite but options skew leaning toward puts, traders are hedging the move even as the Tesla-SpaceX narrative and Asia-tech catalyst push BTC to its week high.
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