Crypto rises with Asian tech stocks, zcash extends gain after setting upgrade date
The crypto market saw gains, with bitcoin and altcoins like ether rising, influenced by strong results from U.S. tech companies SpaceX and Super Micro Computer. Elon Musk announced potential merger discussions between SpaceX and Tesla, which would combine significant bitcoin holdings. Specific tokens like Solana, Ethena, and NEAR Intents experienced notable movements due to upgrades, governance proposals, or market dynamics.
Why it matters
This article provides a snapshot of the current crypto market performance, highlighting its correlation with traditional tech stocks and key events like company mergers and protocol upgrades that significantly impact token values and investor sentiment.
SpaceX SPCX $159,72 and Super Micro Computer (SMCI) set the tone with strong results on Tuesday in the U.S. South Korea’s Kospi advanced 3.29% and Nasdaq 100 futures rose 0.44%. Elon Musk, CEO of SpaceX and Tesla TSLA $384,63 , said the two companies have formed special committees to discuss a merger, which would combine more than 30,000 bitcoin ($2.5 billion) held on their balance sheets.
Altcoins moved with bitcoin, with ether ETH $2452,12 gaining 0.6% to near $2,460 and the CoinDesk 80 (CD80) rising 0.47%, against 0.64% for the CoinDesk 5 (CD5). The CoinDesk Memecoin Index rose 1.2%, ahead of the CoinDesk 100’s 0.84%.
Solana’s Alpenglow upgrade, which targets finality of about 150 milliseconds, goes live today, while Meta Platforms META $696,62 reports after the U.S. close.
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