Bitcoin Approaches $87,000 on Softer Jobs Data but Faces Macro Risks
Bitcoin climbed near $86,000 on Monday, briefly touching $87,000, as investors reacted to weaker-than-expected U.S. jobs data. The cryptocurrency was last up 1.3% at $86,203.4 by 04:58 ET (08:58 GMT) after earlier gains were tempered by elevated Treasury yields and inflation concerns.
The September U.S. jobs report showed only 29,000 new positions, far below forecasts, which reduced expectations for a Federal Reserve rate hike in October. Markets now see less than a 20% chance of such a move, down from higher probabilities last week. The softer labor market has supported risk-sensitive assets like Bitcoin, though yields rebounded to around 5.28%, capping further upside.
Bitcoin’s gains have been limited by broader macroeconomic risks, including oil prices above $100 a barrel due to Middle East tensions. This raises concerns that inflation may remain elevated, constraining the Fed’s ability to ease policy. Despite these challenges, inflows into U.S. spot Bitcoin exchange-traded funds have provided some support, with $102.7 million and $189.8 million added on October 1 and 2, respectively.
In other crypto news, OKX-ICE, a joint venture between OKX and NYSE parent ICE, plans to launch a tokenized U.S. stock trading venue. The platform will offer on-chain trading of tokenized shares for over 60 companies, including Nvidia, Apple, and Tesla, under a new SEC exemption. Meanwhile, altcoins showed mixed movements, with Cardano surging 10.7% to its highest level since May 2026.