Bitcoin traded above $84,500 on Oct. 21, reaching $84,588 in New York morning trading before changing hands at $84,461, according to Bitcoin Magazine [8].
The cryptocurrency was up 2% over 24 hours and 3% over seven days, the report stated. The move coincided with SpaceX reporting third-quarter revenue of $14.6 billion, up 161% from the previous year, and a rally in technology stocks [8].
Bitcoin Magazine reported that investors returned to risk-on assets, particularly tech-related stocks, without specifying a direct causal link between the SpaceX results and the bitcoin price [8]. Bitcoin remains more than 30% below its all-time high of $126,080 reached in October 2025, according to the report [8].
SpaceX Earnings and Technology Stock Rally
SpaceX debuted on the Nasdaq in June in what the report described as the largest initial public offering ever [7]. The company reported third-quarter revenue of $14.6 billion, which exceeded estimates, according to Bitcoin Magazine [8]. A separate report from KuCoin stated that SpaceX's Q3 revenue of $14.6 billion beat forecasts by 15% and that SpaceX posted a net profit of $4.4 billion [1].
SpaceX owner Elon Musk discussed a potential SpaceX-Tesla merger. Futures rose the same morning as what one market dispatch described as a SpaceX blowout revived the AI trade, with Musk's endorsement of a merger adding to the buzz [2] [8].
Technology stocks rallied on the news, and bitcoin has historically risen with risk assets and been correlated with the Nasdaq, according to Bitcoin Magazine [8]. The outlet posted on social media: "JUST IN: $84,003 Bitcoin". The post carried a rocket emoji and was accompanied by a chart image [8].
Bitcoin, Gold, and the Debasement Trade
This year, Bitcoin has moved with gold as the so-called debasement trade gained attention [8]. The debasement trade involves investors buying certain assets to hedge against currency devaluation [8].
The dollar slid in value in August after the U.S. Department of the Treasury said it would more than double the size of its government debt repurchases [8]. Bitcoin had its best quarterly run in three years and its third best August ever [8].
Analysts who track the monetary-debasement argument have argued that fiat currency issuance steadily erodes purchasing power and that assets with fixed or capped supply serve as a hedge. The Bitcoin network "churns out blocks without any intention" and "provides every person alive access to fair money and property rights" [3].
The Bitcoin Magazine report did not provide a specific cause-and-effect relationship between SpaceX earnings and the bitcoin price, only noting the coincident timing.
Spot Bitcoin ETF Inflows and Analyst Sentiment
U.S. investors put over $549 million into spot bitcoin exchange-traded funds on Oct. 19 and 20, according to Coinglass data cited by Bitcoin Magazine [8]. The funds managed by BlackRock, Fidelity, Grayscale, and others received the new investment [8].
Comments aired during a Brighteon broadcast in 2025 drew a distinction between holding bitcoin directly and holding a spot exchange-traded fund (ETF). In that discussion, the speaker said that holding bitcoin in cold storage within one's own wallet is a different proposition from buying an ETF, and that a purchaser of an ETF is not acquiring the underlying bitcoin itself [4].
A separate interview segment described an ETF as essentially an IOU that promises access to an asset but introduces counterparty risk [5].
Analysts said the cryptocurrency was back in a bull market after spending most of this year in a bear market, the report stated [8].
Earlier this year, a sharp decline in Big Tech stocks and volatility in oil markets triggered broad selloffs across financial markets on June 8, pushing bitcoin toward the $60,000 support level, according to market data reported at the time [6].
What to Watch
Bitcoin stood near $84,500 on Oct. 21, up 2% over 24 hours, as SpaceX earnings and a technology stock rally coincided with renewed risk appetite [8]. The report indicated that market participants would continue to monitor ETF inflows and technology earnings, without providing further details.
Trading around the Oct. 21 session showed how quickly the risk-on mood can shift. By Oct. 22, futures were lower as the AI trade confronted conflicting signals on capital spending, and a fresh wave of attacks on Saudi Arabia sent Brent crude back above previous levels [7].
Bitcoin's correlation with technology shares cuts both ways; the asset fell toward $60,000 in June when the Nasdaq dropped sharply, according to contemporaneous market reporting [6].
References
- Bitcoin Nears $85000 Amid Stronger-Than-Expected .... https://www.kucoin.com/news/flash/bitcoin-nears-85-000-amid-stronger-than-expected-spacex-earnings
- Futures Rise As SpaceX Blowout Revives AI Trade; Brent Back Above $110. https://www.zerohedge.com/markets/futures-rise-spacex-blowout-revives-ai-trade-brent-back-above-110
- The Dao of Bitcoin: Towards a Cosmology of Energy Money. Dedels, Scott
- Mike Adams interview with Ashton Addison - February 25, 2025.
- Mike Adams interview with Jeremy Cordon - March 20, 2025.
- Stock Market Volatility Rocks Bitcoin, Threatening $60K Support - NaturalNews.com, June 13, 2026.
- Futures Slide As Market Runs Out Of AI Patience, Oil Jumps On Saudi Attacks. https://www.zerohedge.com/markets/futures-slide-market-runs-out-ai-patience-oil-jumps-saudi-attacks
- Bitcoin Nears $85,000 as SpaceX Earnings Reignite Risk Appetite. https://bitcoinmagazine.com/news/bitcoin-price-nears-85000-spacex-earnings
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