Bitcoin Rises on AI Earnings, Merger Speculation and Swiss ETF Approval
Bitcoin advanced to $83,388 after strong quarterly reports from SpaceX and Super Micro Computer revived appetite for AI-related stocks. The report also notes Musk's confirmation that SpaceX and Tesla are discussing a combination that would hold over 30,000 Bitcoin, and Switzerland's first retail spot Bitcoin ETF approval. It adds that soft housing data lowered expectations for a Fed rate increase, while oil around $110 continued to pose inflation risk.
Bitcoin moved from $81,384 at Tuesday’s 8 a.m. ET Coinbase print to $83,388 Wednesday morning, a $2,004 gain. It touched $83,609 at 4:50 a.m. ET after an initial rally stalled near the 21-day average around $83,230.
SpaceX reported Q3 revenue of $14.58 billion versus $12.7 billion expected and EPS of 35 cents versus 15 cents, with $16.44 billion of $19.59 billion capex tied to AI. Super Micro guided revenue to $18.5–$19.5 billion, up from $14.5–$15.5 billion.
Bitcoin’s move alongside AI stocks may deepen the sense that crypto is tied to tech earnings, affecting retail investors and funds that treat it as a high-beta allocation. Switzerland’s retail ETF approval could widen access for ordinary savers, while merger-linked corporate holdings may make Bitcoin exposure more common in equity portfolios. Higher oil and uncertain Fed path could keep volatility elevated, affecting payment firms and households using crypto services.