Key Takeaways
- • SpaceX and Tesla have each formed special committees to explore a merger that would combine more than 30,000 bitcoin, valued at about $2.5 billion, held on their balance sheets, according to CEO Elon Musk.
- • Bitcoin rose to around $83,500, its highest level in a week and up 0.6% since midnight UTC, as an earnings-led rebound in Asian technology stocks lifted risk assets.
- • Crypto futures activity picked up, with 24-hour volume at $190 billion (up 19%) and liquidations at $284 million (up 76%), while open interest of $145 billion rose nearly 4%.
- • Zcash jumped about 11% over 24 hours after developers set a November activation date for its NU7 upgrade, which cuts block times from 75 to 25 seconds.
- • Bitcoin's 30-day implied volatility index fell back below 40%, unwinding a minor rise above 42% on October 15.
Summary
Bitcoin rose to a one-week high on Wednesday, trading around $83,500 and up 0.6% since midnight UTC, according to CoinDesk's Crypto Markets Today. The move followed an earnings-led rebound in Asian technology stocks, with South Korea's Kospi up 3.29% and Nasdaq 100 futures gaining 0.44%. SpaceX (SPCX) and Super Micro Computer (SMCI) posted strong results on Tuesday in the U.S.
The most notable development was the disclosure that SpaceX and Tesla (TSLA) have formed special committees to discuss a merger. Elon Musk, CEO of both companies, said the combination would bring together more than 30,000 bitcoin, worth about $2.5 billion, held on their balance sheets. The article does not detail deal terms or timing.
Altcoins moved with bitcoin. Ether gained 0.6% to near $2,460, the CoinDesk 80 rose 0.47%, and the CoinDesk Memecoin Index rose 1.2%. Near was the CoinDesk 100's top performer, up 6.0% to about $5.23, tied to growth in NEAR Intents and a governance proposal to cut annual issuance from 2.5% to 1.6% over two years. Zcash rose to about $1,260 after developers set a November date for its NU7 upgrade, which sends 60% of transaction fees into a reserve. Aerodrome fell 4.4%, the index's steepest loss, and Injective slipped 2.1%.
Derivatives data showed higher activity but limited new positioning. Open interest rose roughly in line with price for bitcoin, suggesting little fresh capital, while ether open interest lagged its price. Bitcoin options still skewed toward puts on Deribit, with a one-month put-call skew of 8%, though the most-traded strikes were upside calls, largely via multi-legged strategies. Volatility expectations cooled, with BTC's 30-day implied volatility index below 40%.
The most notable development was the disclosure that SpaceX and Tesla (TSLA) have formed special committees to discuss a merger. Elon Musk, CEO of both companies, said the combination would bring together more than 30,000 bitcoin, worth about $2.5 billion, held on their balance sheets. The article does not detail deal terms or timing.
Altcoins moved with bitcoin. Ether gained 0.6% to near $2,460, the CoinDesk 80 rose 0.47%, and the CoinDesk Memecoin Index rose 1.2%. Near was the CoinDesk 100's top performer, up 6.0% to about $5.23, tied to growth in NEAR Intents and a governance proposal to cut annual issuance from 2.5% to 1.6% over two years. Zcash rose to about $1,260 after developers set a November date for its NU7 upgrade, which sends 60% of transaction fees into a reserve. Aerodrome fell 4.4%, the index's steepest loss, and Injective slipped 2.1%.
Derivatives data showed higher activity but limited new positioning. Open interest rose roughly in line with price for bitcoin, suggesting little fresh capital, while ether open interest lagged its price. Bitcoin options still skewed toward puts on Deribit, with a one-month put-call skew of 8%, though the most-traded strikes were upside calls, largely via multi-legged strategies. Volatility expectations cooled, with BTC's 30-day implied volatility index below 40%.
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