Bitcoin rose above $84,500 on Wednesday as investors returned to risk-on assets, particularly technology-related stocks.
The leading cryptocurrency was recently priced at $84,461 after rising nearly as high as $84,588 earlier on Wednesday morning in New York. Over a 24-hour period, the coin is up 2%, and over a seven-day timeframe, it is up 3%.
SpaceX Earnings Fuel Tech Rally
Bitcoin’s rise comes as SpaceX reported surging revenue growth in its third quarter, and its owner, Elon Musk, talked of a potential SpaceX-Tesla merger.
SpaceX — which debuted in June on the Nasdaq in the biggest initial public offering ever — reported third-quarter revenue on Tuesday of $14.6 billion, up 161% from the previous year and smashing estimates. Technology stocks rallied on the news.
Bitcoin has in the past risen with risk assets and been correlated with the Nasdaq. But this year, the cryptocurrency has moved with gold as the so-called debasement trade becomes hot again. The trade is when investors buy certain assets to hedge against currency being devalued.
The dollar slid in value in August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. Bitcoin had its best quarterly run in three years and third best August ever.
ETF Inflows Return
U.S. investors this week have piled back into spot bitcoin exchange-traded funds. On Monday and Tuesday, the funds managed by BlackRock, Fidelity, Grayscale, and others received new investment of over $549 million, according to Coinglass data.
Bitcoin’s price is still over 30% below its all-time high of $126,080 — reached in October 2025 — but analysts are saying the cryptocurrency is now back in a bull market after spending most of this year in a bear.
