Bitcoin, Zcash gain as AI-driven tech rally lifts crypto sentiment
Asian trading on Wednesday sees risk appetite improve as strong technology earnings boost chip stocks and rekindle enthusiasm for the artificial intelligence trade. Bitcoin hovers near $83,000 while Zcash outperforms major tokens after developers fix the activation height for its next network upgrade.
Highlights
- Bitcoin rises 1.3% to just above $82,700, tracking a tech-led rally in Asia driven by strong SpaceX and Super Micro Computer results.
- Hashdex analysts note Bitcoin's bear phase may end if it reclaims $84,000 before the Federal Reserve's Oct. 27-28 meeting.
- Zcash's ZEC jumps 11% to about $1,260 after developers set NU7 upgrade mainnet activation height, enabling block times to drop to 25 seconds and 60% of fees reserved.
Crypto prices track broader tech rebound
As reported by CoinDesk, Bitcoin rises 1.3% to just above $82,700 during Wednesday Asian morning hours, holding near the $83,000 level as strong results from SpaceX and Super Micro Computer lift technology shares across Asia.Analysts at Hashdex say Bitcoin's nearly yearlong bear phase may be nearing an end, but the cryptocurrency still needs to reclaim $84,000 before the Federal Reserve's Oct. 27-28 meeting to signal renewed strength.
Zcash upgrade supports token outperformance
Zcash's ZEC leads major cryptocurrencies, jumping 11% to about $1,260 after developers set the mainnet activation height for NU7, the network's next upgrade. The activation height is the block number at which all nodes switch to the new rules.NU7 reduces the time between blocks from 75 seconds to 25 seconds, allowing payments to confirm three times faster, and directs 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.
Our earlier analysis of the Nasdaq 100 rebound highlighted how tech shares bounced after a volatile selloff driven by AI supply-chain concerns and higher financing costs. We noted the recovery looked fragile, with the index still trading below key short- and medium-term moving averages and traders watching resistance near 29,868 to judge whether upside momentum could become more sustainable.
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