Bitcoin hits $84,600 as SpaceX earnings beat lifts US stocks

Key points

• Bitcoin reached $84,600, up nearly 2% on the day and its highest level since 7 Oct.
• SpaceX posted third-quarter revenue of $14.6bn, up 161% year on year and nearly 15% above expectations, with net income of $4.4bn.

Bitcoin passed $84,000 after the Wall Street open on Wednesday and climbed nearly 2% to $84,600, its first visit to that level since 7 Oct, Cointelegraph reports. The move came as US stocks added to gains on strong corporate earnings, with the Nasdaq Composite up 0.7% at 26,601 points before giving back some of the advance.

The trigger was SpaceX, which after Tuesday's close reported third-quarter revenue of $14.6bn, up 161% year on year and almost 15% above expectations, alongside net income of $4.4bn. Chief financial officer Bret Johnsen credited launch leadership, recurring Starlink revenue and expansion of the company's SI infrastructure. Analysts at Truist Securities, quoted by CNBC, said the results had eased fears over corporate spending on AI buildouts after the previous week's tech sell-off, which began in South Korea.

In crypto markets, short liquidations totalled close to $110m over four hours as price cleared ask liquidity around $84,000, according to CoinGlass. On four-hour charts, BTC/USD broke above its 200-period simple moving average at $83,878 for the first time since 14 Oct.

Tesla and Meta earnings were due after Wednesday's market close.

What to watch: Tesla and Meta were due to report earnings after Wednesday's market close.

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