Bitcoin Surges Past $84,000 on SpaceX Earnings Momentum
By Damilola Esebame
AI summary of the source article
Bitcoin reached $84,737 on October 21 following strong SpaceX third-quarter earnings and a surge in spot Bitcoin ETF inflows totaling $549.76 million across October 19 and 20.
Why it matters
Truist Securities stated that the earnings results were "the first data point during the earnings season to support the bull case for AI cloud providers, helping calm fears about the returns on corporate AI infrastructure spending."
Key facts
- Bitcoin climbed to $84,737 on October 21 and broke above its four-hour 200-period simple moving average at $83,878.
- Spot Bitcoin ETFs recorded $549.76 million in inflows over October 19 and 20, lifting total net assets to $106.28 billion.
- Crypto short liquidations approached $110 million in the four hours surrounding Bitcoin's upward move.
Source excerpt · FinanceFeeds
Bitcoin climbed as high as $84,737 on October 21, its highest level since October 7, after SpaceX posted third-quarter revenue of $14.6 billion and net income of $4.4 billion, according to SpaceX's third-quarter filing . The results beat consensus estimates by roughly 15% and helped reverse a week-long sell-off in technology stocks that had dragged risk assets, including crypto, lower. SpaceX Earn…