Bitcoin climbed to its highest level in a week as a recovery in Asian technology stocks improved sentiment across risk assets.
The cryptocurrency rose to about $83,500, gaining 0.6% since midnight UTC. The move came as South Korea’s Kospi index advanced 3.29% and Nasdaq 100 futures increased 0.44%.
Market confidence was also supported by news that SpaceX and Tesla had appointed special committees to examine a possible merger. The proposed combination would bring together more than 30,000 bitcoin.
The wider crypto market followed bitcoin higher. Near was the strongest performer in the CoinDesk 100 Index, rising 6.0%.
zcash also extended its recent gains, increasing by about 11% over the past day. Developers have set November as the date for an upgrade to the privacy-focused blockchain.
A market snapshot listed bitcoin at $83,333.91, up 2.37%, while Ethereum was priced at $2,464.88, having risen 3.48%. Near was shown at $5.19, with a gain of 11.12%.
Listed related stocks included Space Exploration Technologies Corp. Class A Common Stock at $147.79, Tesla, Inc. Common Stock at $373.71 and Meta Platforms, Inc. Class A Common Stock at $694.25. The stock market was recorded as closed.
The proposed SpaceX and Tesla combination is being assessed by the special committees established by the two companies. Its potential significance for the digital-asset market is linked to the bitcoin holdings that would be brought under a single corporate structure.
Bitcoin’s advance followed renewed strength in technology shares across Asia, a sector that can influence broader appetite for higher-risk assets. The Kospi’s 3.29% rise and the 0.44% increase in Nasdaq 100 futures provided a positive backdrop for the cryptocurrency’s move.
zcash’s gains came as developers confirmed the timing of the blockchain upgrade. The November update is focused on the network’s privacy-based system and has helped extend the token’s rise over the latest 24-hour period.
Ethereum also moved higher in the market data, while Near’s performance placed it ahead of the other assets listed in the CoinDesk 100 Index. The figures showed a broad-based improvement rather than a rise limited to bitcoin alone.
