Bitcoin advances as SpaceX, Tesla explore a merger holding 30,000 BTC: Crypto Markets Today - CoinDesk
Bitcoin rose to around $83,500, up 0.6% since midnight UTC and its highest level in a week, as an earnings-led rebound in Asian technology stocks lifted risk assets.
SpaceX and Tesla formed special committees to discuss a merger that would combine more than 30,000 bitcoin ($2.5 billion) held on their balance sheets. South Korea's Kospi advanced 3.29% and Nasdaq 100 futures rose 0.44%, contributing to the positive market sentiment.
Altcoin Performance
Altcoins moved with bitcoin, with ether gaining 0.6% to near $2,460 and the CoinDesk 80 rising 0.47%. The CoinDesk Memecoin Index rose 1.2%, ahead of the CoinDesk 100's 0.84% gain.
Near led the CoinDesk 100 Index with a 6.0% gain, while zcash extended a jump of about 11% over the past day after developers set a November date for the privacy-focused blockchain's upgrade.
Derivatives Activity
Futures activity picked up significantly, with 24-hour crypto futures volume reaching $190 billion, up 19%. Open interest is $145 billion, up nearly 4%, while liquidations jumped 76% to $284 million.
The taker long/short volume ratio is nearly 53% to 47%, showing a notable tilt toward bullish plays. However, the BTC and ETH rallies are being driven more by price than by new bets, as Bitcoin's OI rose about as much as its price, suggesting little fresh money came in.
Privacy coins are drawing fresh leverage: ZEC's OI is up 24% against a 12% price gain, so new positions are being added.
Token Developments
Zcash rose 0.9% since midnight to about $1,260 after developers set a November activation date for NU7, an upgrade that cuts block times from 75 to 25 seconds. Near's rally coincides with growth in NEAR Intents, its cross-chain swap product, and a governance proposal to cut annual token issuance.
Ethena's token rose 4.8%, bouncing from a monthly drop of about 22%, while Aerodrome fell 4.4% and Injective slipped 2.1% despite a monthly gain of about 18% built on pending U.S. exchange-traded fund applications.
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