The price of Bitcoin climbed past $84,500 on Wednesday as market participants returned to risk-sensitive instruments, especially technology equities.
The premier digital asset recently traded at $84,461 after touching roughly $84,588 earlier in the New York morning on Wednesday.
Across a 24-hour window, the token has advanced by 2%, and over the span of seven days, it has gained 3%.
This upward movement in Bitcoin happens as SpaceX announced massive revenue expansion for its third quarter, accompanied by founder Elon Musk discussing a possible combination between SpaceX and Tesla.
SpaceX — which launched onto the Nasdaq in June via the largest initial public offering in history — announced Tuesday that its third-quarter revenue reached $14.6 billion, representing a 161% year-over-year surge that easily exceeded projections.
Tech stocks surged following the announcement, and historically, Bitcoin has tracked risk assets while showing a correlation with the Nasdaq.
Nonetheless, throughout this year, the pioneer cryptocurrency has traded alongside gold as the popular debasement trade gains renewed momentum, occurring when market participants acquire specific instruments to protect against fiat currency depreciation.
The U.S. dollar weakened in August after the Department of the Treasury notified the public that it planned to more than double its sovereign debt buybacks, during which Bitcoin achieved its strongest quarterly performance in three years alongside its third-best August on record.
Additionally, domestic U.S. traders poured capital back into spot bitcoin exchange-traded funds this week, with products operated by BlackRock, Fidelity, Grayscale, and other firms drawing over $549 million in fresh inflows between Monday and Tuesday, according to statistics from Coinglass.
Although Bitcoin’s valuation remains greater than 30% lower than its peak of $126,080 recorded in October 2025, market observers note that the cryptocurrency has re-entered a bull market after enduring a bear market for the majority of the year.
Originally published at https://bitcoinmagazine.com/news/bitcoin-price-nears-85000-spacex-earnings.
