Bitcoin gained 1.3% to trade above $82,700 during Wednesday’s Asian session, staying near the $83,000 threshold as upbeat earnings from SpaceX and Super Micro Computer reignited interest in AI-related stocks and lifted technology markets across Asia.

Zcash (ZEC) led the major cryptocurrencies with an 11% surge to approximately $1,260. The rally came after developers announced the mainnet activation height for NU7, the network’s upcoming upgrade. This milestone determines the block at which all nodes must adopt the new protocol rules.

The NU7 upgrade is designed to reduce Zcash’s block time from 75 seconds to 25 seconds, cutting the time between blocks by two-thirds and enabling transaction confirmations three times faster. The update will also allocate 60% of transaction fees to a reserve for distribution over time. It has been running on Zcash’s testnet since early October.

Other cryptocurrencies also recorded gains. HYPE and DOGE rose more than 3% each, while XRP climbed nearly 3% to $1.33. Ether advanced 2% to around $2,450, and BNB and SOL increased between 1% and 2%. TRX traded flat, according to CoinDesk data.

Asian equities followed the positive momentum, with South Korea’s Kospi jumping 3.7% and Taiwan’s Taiex rising 1.4%. SpaceX shares gained 8% in extended trading, while Super Micro Computer surged 16%. Nasdaq 100 futures also climbed 1%.

However, the AI infrastructure sector faced a sharp setback as Australian data-center developer Nextdc plunged 40% after lowering its outlook.

Oil prices continued climbing, with Brent crude moving above $110 per barrel. Attacks on vessels around the Strait of Hormuz raised concerns about disruptions to global oil shipments, while U.S. industry data indicated another decline in crude inventories. The U.S. dollar strengthened slightly, and Treasury markets gave back some of Tuesday’s gains.

Meanwhile, analysts at Hashdex suggested Bitcoin’s prolonged downturn could be approaching its later stages. In an email to CoinDesk, the firm said the current bear market had lasted 359 days as of Sept. 30, compared with 361, 377 and 411 days for the previous three downturns since 2011.

Short-term holders, who are generally more likely to sell during price declines, now control just 16% of Bitcoin’s supply, marking their lowest share since January 2023.

The Federal Reserve is due to hold its next policy meeting on Oct. 27–28. A move above $84,000 before the meeting could indicate that Bitcoin is regaining strength ahead of the central bank’s decision.