Bitcoin’s price rose above $84,500 on Wednesday as investors returned to risk-on assets, with a notable emphasis on 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 has appreciated by 2%. Over the course of the past week, there has been an increase of 3%. Bitcoin’s ascent coincides with SpaceX announcing significant revenue growth in its third quarter, while its owner, Elon Musk, discussed the possibility of a merger between SpaceX and Tesla.
SpaceX, which made its debut in June on the Nasdaq with the largest initial public offering to date, announced third-quarter revenue on Tuesday amounting to $14.6 billion. This figure represents a 161% increase from the previous year, significantly exceeding expectations. Technology stocks experienced a notable increase following the announcement. Bitcoin has historically experienced upward movements alongside risk assets and has shown a correlation with the Nasdaq. However, this year, the original cryptocurrency has exhibited a correlation with gold as the phenomenon of debasement trading gains renewed traction.
The trade occurs when investors acquire specific assets as a safeguard against the potential devaluation of currency. The dollar experienced a decline in value in August following the announcement from the U.S. Treasury Department regarding a significant increase in the scale of its government debt repurchases. Bitcoin experienced its most robust quarterly performance in three years, marking the third-best August in its history.
U.S. investors this week have re-entered the market for spot bitcoin exchange-traded funds. On Monday and Tuesday, the funds managed by BlackRock, Fidelity, Greyscale, and others attracted new investments exceeding $549 million, as reported by data. Bitcoin’s price remains more than 30% lower than its all-time high of $126,080, achieved in October 2025. However, analysts suggest that the cryptocurrency has re-entered a bull market after a prolonged period in a bear market throughout much of this year.
