Bitcoin bounced roughly 3% from session lows to near $61,000 late Wednesday, a move that kept the best cryptocurrency wallet crowd focused on the same screen. The rebound followed Micron Technology’s earnings beat and a brief lift in risk appetite.
Bitcoin was still down 2.9% over the past 24 hours when it recovered. Micron Technology topped estimates with adjusted EPS of $25.11 versus $20.71, and revenue of $41.5 billion versus $35.8 billion, a gap that helped pull crypto prices off the floor.
Micron Technology lifts risk appetite
Micron Technology also issued fourth-quarter revenue guidance of $50 billion versus $43.4 billion, and guided for adjusted EPS of $31 versus $24.30, with gross margins of 86% versus 83%. Micron Technology stock rose 7.9% in after-hours trading, and that broader risk bid showed up fast in Bitcoin, Ether, and Solana.
Ether reclaimed the $1,600 level late Wednesday, but it was still down more than 3% on the day. Solana pared losses to around 2% and changed hands near $67, while Coinbase, Circle and Galaxy were up 2% to 4% in after-hours trading.
Dave Portnoy and Jack Mallers
Dave Portnoy of Barstool Sports posted on Wednesday as Bitcoin plunged below $60,000 and asked, "I need all the bitcoin and crypto people who say it’s going to $1 million and how it’s the future to tell me why all the people who have always said it’s a scam and going to zero are wrong,". Jack Mallers, the Stike and XXI Capital CEO, answered, "'Crypto' is going to zero. Bitcoin is going to 1M+."
Mallers also said he has been involved with Bitcoin since 2013. He pointed Portnoy back to Silk Road, Mt. Gox, supposed coming government bans, competing digital assets and the implosion of FTX, which is the backdrop for why the market still trades on conviction as much as price.
Bitcoin and Ether later slip
The catch is that the rebound did not hold. Bitcoin later fell to $59,300, and Ether fell to $1,555, so the late-Wednesday bounce looked more like a risk-sentiment pop than a clean turn in trend.
For readers tracking the move, that means a semis earnings beat can feed into crypto pricing for a few hours, but it does not settle the larger debate over whether the recovery has real follow-through. Whether Micron’s earnings beat will have any lasting effect on Bitcoin and crypto prices is still the unanswered issue.
