Cryptoupdated 50m ago2 min read
Bitcoin Rises to $83,400 as French Bond Spreads Stay Under Stress
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Bitcoin climbs to $83,400 as futures rise amid broader market optimism France's 10-year OAT yield tops 5%, indicating sustained bond market stress
Bitcoin steadies near $82,500
Bitcoin rose to $83,400 after trading off yesterday’s lows, as equity markets calmed and French bond spreads continued to show stress. The 10-year OAT yield rose above 5% earlier for the first time since 2022, and it was “currently edged back to 4.995%, up nearly 8 basis points on the day.”
The German 10-year Bund yield was higher by just 2.8 basis points, raising the Bund/OAT spread to 158 basis points, the highest since the EU debt crisis of 2011. Le Monde’s Sylvie Kaufmann asked, “Is France spinning out of control?,” while writing that “Decades of uncontrolled public spending” had pushed the public deficit to 5.4% of GDP this year.
SpaceX earnings lift risk
SpaceX reported revenue of $14.6 billion, up 161%, and posted a profit for the three months through September of $4.4 billion, reversing a year-ago loss. Elon Musk suggested a merger with Tesla might be in the works, and he said, “I think that would be overstating it.”
Dan Ives of Yorkville Ives said, “They beat across all metrics and the Starlink business looks to be accelerating,” as SpaceX shares rose 7.5% in after-hours trading. SpaceX also told analysts that for next month’s launch of its Starship rocket, it would attempt to grab both the booster and ship with mechanical arms upon return to base, a step toward demonstrating it can reuse the massive spacecraft.
Crypto context meets AI boom
SpaceX’s third-quarter results came alongside a push into AI, with the AI business becoming SpaceX’s largest by revenue in the third quarter. Bret Johnson said in the earnings release, “Revenue grew an impressive 161% year-over-year, fueled by continued momentum in Connectivity and a clear inflection in our Super Intelligence business.”
Musk said he was “quite confident” SpaceX would bring an additional 10 gigawatts of computing capacity online by 2027, adding to roughly 2.5–3 gigawatts planned to be in operation by year-end. SpaceX reported Starlink satellite internet revenue rose 69% to $5.2 billion, while the number of retail subscribers reached 13.6 million and average monthly revenue per user fell to $69 from $83 a year earlier.