The Bitcoin price is rising again on Wednesday (28), tracking a strong rebound in Asian technology shares driven by better-than-expected earnings in the artificial intelligence sector. Even so, investors remain cautious ahead of the Federal Reserve's interest rate decision due this afternoon.
This morning, Bitcoin is up 2.1%, trading at US$ 81,431 over 24 hours. In euros, the world's largest cryptocurrency stood at roughly 73,227 EUR, according to data from Portal do Bitcoin. Ethereum, in turn, gains 2.6%, at US$ 2,366. XRP rises 2.4%, while Solana gains 3% and BNB is up 2.2%.
The move follows a drop to around US$ 79,500 on Monday, as BTC came under pressure from concerns over US interest rates and a decline in investor appetite for riskier assets.
Despite the recovery, Bitcoin is still on track to close October down roughly 3%, falling short of the gains traditionally expected from the so-called "Uptober" effect, a nickname given to the month because of its historically positive track record for the cryptocurrency.
The main boost for markets on Wednesday came from South Korea, where the Kospi index surged around 6.6%, one of its biggest recent rallies. The move was led by SK Hynix, one of the world's largest memory chip makers, whose shares climbed as much as 11% after the company posted record financial results.
Read also: Mercado Bitcoin files for a crypto licence with Brazil's central bank
The company reported operating profit of 83.3 trillion won (approximately US$ 62.5 billion) in the third quarter, nearly seven times higher than in the same period last year and above analysts' forecasts. The firm also announced plans to return more than US$ 45 billion to shareholders through dividends and share buybacks, reinforcing investor optimism.
SK Hynix also said its production capacity for both conventional and high-speed memory chips is already booked through 2029, amid growing demand from companies building artificial intelligence systems.
The results helped ease recent concerns over the scale of billion-dollar investments in AI infrastructure, which had weighed on stock markets in recent weeks.
Samsung Electronics shares also rose around 9%, while US chipmakers such as Micron Technology and SanDisk gained close to 4% in trading ahead of the Wall Street open.
The rebound spread to other Asian markets. In Japan, the Nikkei index rose about 1%, while the MSCI Asia-Pacific index excluding Japan advanced around 1.7%. In the United States, the positive move had already begun on Tuesday, when the Nasdaq rose 1.2% and the S&P 500 gained 0.6%, driven by AI-linked companies.
For Bitcoin, the improved sentiment across equity markets offers some relief after days of selling pressure, though the cryptocurrency has yet to show a consistent recovery above its key resistance levels.
Fed rate decision could set Bitcoin's next move
Despite the rally in equities, the key event of the day for the cryptocurrency market will be the Federal Reserve's interest rate decision, expected at 3pm (Brasília time).
The prevailing expectation is that the US central bank will hold its benchmark rate in the 3.75%-4% range. Investors, however, will be watching closely for remarks from the institution's chair, Kevin Warsh, during the press conference scheduled for 3.30pm.
The key question is whether the Fed will signal the possibility of a further rate hike in December, given persistent inflation and the effects of rising oil prices.
Higher-for-longer interest rates tend to weigh on Bitcoin because they make fixed-income investments more attractive and reduce appetite for riskier assets.
Oil remains a source of concern. On Wednesday, Brent crude rose again following reports of an attack on a refinery in Saudi Arabia, briefly trading above US$ 115.
The rise in the commodity's price adds to fears that US inflation will stay elevated, complicating any potential easing of monetary policy.
Beyond the Fed decision, investors are also watching earnings from major technology companies.
Microsoft and Alphabet, Google's parent company, are among the firms reporting results on Wednesday. The figures could show whether heavy spending on artificial intelligence is translating into revenue and profit growth.
On Thursday (29), Coinbase and Strategy are due to report their results. Their earnings could offer fresh signals on cryptocurrency demand and institutional investor activity.
In the crypto market, the US$ 82,500 level continues to be watched as an important threshold for Bitcoin's recovery. Analysts cited by CoinDesk in recent days have said that reclaiming this level would help signal stronger buying pressure.
On the other hand, a drop below US$ 79,500, a level tested earlier this week, could raise the risk of a fresh round of declines.
So while strong technology earnings helped Bitcoin bounce back on Wednesday, the sustainability of the recovery will depend mainly on the Fed's tone and how markets react to the rate decision.
If you want to invest in cryptocurrencies securely, Mercado Bitcoin offers a special benefit to our readers: use the code PORTAL250 when signing up and get a bonus of 8.40 EUR in Bitcoin when you buy 42 EUR worth of assets. Click here to open your account.
