Bitcoin Briefly Tops $87,000 After Weak U.S. Jobs Report

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3▲1 ▼1Impact / 5
Summary · why it matters

Bitcoin briefly broke above $87,000 after the September employment report released on October 2 by the U.S. Department of Labor's Bureau of Labor Statistics came in far below expectations. September nonfarm payrolls rose just 29,000 from the previous month, well short of the market forecast of 89,000, while the unemployment rate climbed to 4.2%; the July and August figures were revised down by a combined 60,000, with July turning negative. After the release, the U.S. 10-year Treasury yield briefly fell to around 5.17%, and according to CME Group's FedWatch tool, the probability of a 0.25% rate hike at the October 27-28 Federal Open Market Committee meeting has fallen sharply to 22.1% from 64.2% a week earlier. Bitcoin, however, was blocked by sell orders near its September high of $87,400 and failed to set a new high. QCP Capital noted that the rally was driven by supply and demand and carries structural fragility, while the U.S. 10-year Treasury yield also turned higher late in the session, leaving expectations for a rate hike at the December meeting still deeply entrenched. In Japan, the Bank of Japan's monetary policy meeting will be held on October 29-30, immediately after the FOMC, and attention is needed on how this affects the domestic crypto asset market through the yen exchange rate.

Impact on assets 4

Carbon Removal (DAC)▲ · 1 stocks
CME Group Inc
CME
± MixedMonetaryrelevance

CME's FedWatch tool is cited showing rate-hike odds falling to 22.1%, but CME itself is only a data source, not a subject of the story.

Financials▲ · 1 stocks
Others▲ · 1 stocks
Bitcoin
BTC-USD
▲ PositiveMonetaryrelevance

Bitcoin briefly topped $87,000 after the weak September jobs report sharply lowered Fed rate-hike odds.

Others▼ · 1 stocks

Off-coverage companies 1

QCP CapitalPrivate± Mixed
relevance

QCP Capital commented that the rally was supply-demand driven with structural fragility, but the article gives no clear directional driver for QCP itself.

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