Bitcoin hovers near $83,000 as ZEC jumps 11% after NU7 upgrade height set

ZEC leads the majors

CoinDesk reported that Zcash developers set the mainnet activation height for NU7. The activation height is the block number at which every node switches to the new rules. According to CoinDesk, NU7 cuts the time between blocks from 75 seconds to 25 seconds, so payments confirm three times faster. It also sends 60% of transaction fees into a reserve that's paid out over time (the upgrade's been running on Zcash's test network since October).

The rest of the majors gained less.

HYPE and DOGE each gained more than 3%. XRP added nearly 3% to $1.33 and ether rose 2% to about $2,450, while BNB and SOL gained between 1% and 2% and TRX was flat, according to CoinDesk data.

AI earnings lift Asian tech

Strong earnings from SpaceX and Super Micro Computer revived the AI trade and pushed tech stocks across Asia higher, CoinDesk reported. South Korea's Kospi rose 3.7% and Taiwan's Taiex gained 1.4%. SpaceX rose 8% in extended trading, Super Micro rose 16% and Nasdaq 100 futures climbed 1%.

Not everything went up. Australian data-center developer Nextdc fell 40% after it cut its outlook.

Brent crude rose above $110 a barrel as attacks on ships around the Strait of Hormuz threatened shipments and U.S. industry data pointed to another drop in stockpiles. The dollar firmed slightly and Treasuries gave back some of Tuesday's gains.

Bitcoin's bear phase and the Fed

Hashdex told CoinDesk by email that bitcoin's bear phase had lasted 359 days as of Sept. 30. The previous three bear phases since 2011 lasted 361, 377 and 411 days. Short-term holders own 16% of bitcoin's supply, the lowest share since January 2023, according to the same analysis. CoinDesk wrote that some analysts think the worst of bitcoin's slide may be close.

The Federal Reserve meets on Oct. 27 and 28. CoinDesk wrote that bitcoin would need to climb back above $84,000 before the meeting to show it's ready.