Kalshi will let clients use Bitcoin as collateral for leveraged futures trades

Bitcoin is hovering just above $82,500 on Wednesday as stock futures rise following SpaceX's strong results and oil prices breaking past $110. The cryptocurrency's fate appears to be once again linked to the technology sector. Last week, Bitcoin fell in sync with the Nasdaq after a surprise inflation report and a sell-off in AI and chip stocks, notes Simon-Peter Massabni, XS.com's head of business development.

He suggests that this connection is growing stronger in the short term. "This development challenges the idea that Bitcoin can consistently act as an independent safe haven from traditional market volatility," Massabni stated.

A decisive and sustained drop below $82,500 could shift control to sellers, potentially driving Bitcoin's price down toward $70,000. That downside scenario, as outlined by market maker Wintermute, would represent a 15% decline from the current level. If Bitcoin breaches this key support level, it could expose the cryptocurrency to a further 15% drop.

Meanwhile, Nasdaq 100 futures increased by 0.4%, and S&P 500 futures rose by 0.2%. SpaceX shares surged 9% before the market opened after its AI and satellite internet businesses reported earnings significantly exceeding expectations. Additionally, a report claiming that AI company Anthropic may invest $750 billion in computing power eased concerns about the ongoing AI spending boom.

Brent crude oil prices surged above $110 a barrel due to attacks near the Strait of Hormuz, while Treasury yields ticked higher. Meta and Tesla are scheduled to release their financial results later on Wednesday. A rebound above $84,000 would eliminate the need to consider the $70,000 scenario. Diversified Real-World Asset (RWA) stablecoins offer yields ranging from 5-7% from real credit as cryptocurrency funding dwindles to approximately 4%.

Meanwhile, GENIUS pushes yield off-chain, with its total addressable market (TAM) expanding to $4 billion within three years.