Bitcoin Magazine Bitcoin Nears $85,000 as SpaceX Earnings Reignite Risk Appetite
Bitcoin’s price rose above $84,500 on Wednesday as investors flooded back into risk-on assets — particularly tech-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%. Zooming out over a seven-day timeframe and it is up 3%.
JUST IN: $84,003 Bitcoin pic.twitter.com/ht1VmQnDQ5
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.
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