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Live updates: Bitcoin above $86,000 as traders price out an October Fed hike
In this news:
Key takeaways
- Bitcoin rose 1% to surpass $86,000 on Monday morning.
- Traders dropped bets on an October Fed rate hike after weak U.S. jobs data.
- U.S. employers added 29,000 jobs in September with unemployment rising to 4.2%.
Bitcoin rises above key threshold
Bitcoin rose 1% to just above $86,000 early Monday after a weak U.S. jobs report pushed traders to drop bets on an October Federal Reserve rate hike.
DOGE led the majors with a gain of more than 3%, and HYPE rose nearly 3% to about $93. Ether and XRP gained up to 1%, while SOL, BNB and ZEC each slipped less than 1%, according to CoinDesk data.
Employment data and market impact
According to QCP Capital, U.S. employers added just 29,000 jobs in September, against expectations of 84,000. Unemployment rose to 4.2%, and wage growth slowed to 3% from a year earlier, the slowest pace since May 2021.
That supports a Fed pause in October, but long-term borrowing costs have barely moved. The 10-year Treasury yield sits at 5.25%, which QCP pinned on heavy bond supply and the extra return investors now demand to hold long-dated debt.
Trading levels and upcoming events
Weekend liquidations were light at $62.7 million, and short bets made up 68% of the total. “Acceptance above $87,200 remains necessary to confirm the next leg,” the firm said.
Minutes from the Fed's last meeting come out Wednesday.
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