Bitcoin Nears $85,000 as SpaceX Earnings Fuel Market Rally

Bitcoin nears $85,000 — Bitcoin surged above $84,500 on Wednesday as strong earnings from SpaceX reignited investor appetite for risk assets, including tech stocks and cryptocurrencies.

The price climbed as high as $84,588 in New York trading, marking a 2% gain over 24 hours and a 3% increase for the week. Analysts noted a return of correlation between Bitcoin and risk-on assets following SpaceX’s blockbuster third-quarter revenue report, which showed growth of 161% year-over-year to $14.6 billion.

U.S. spot Bitcoin exchange-traded funds saw significant inflows, with over $549 million in new investment recorded on Monday and Tuesday alone. This institutional buying pressure contributed to the upward momentum.

Despite the rally, Bitcoin remains more than 30% below its all-time high of $126,080 reached in October 2025. The move follows a period where Bitcoin had traded more closely with gold as a hedge against currency debasement, but recent market action suggests a shift back towards a risk-on posture among investors.