Bitcoin Flat After Record-Breaking Quarter as Interest Rates Soar

Bitcoin's (BTC) and Ether's (ETH) performance in the third quarter was impressive, with BTC rising 42.7% and ETH surging 70.8%. The former's best quarterly gain since January 2024, while the latter's biggest increase since March 2021.

The start of the fourth quarter saw both cryptocurrencies trading flat, with BTC hovering around $84,000 and ETH above $2,700. Interest rates are currently the dominant macroeconomic story, with the US 10-year Treasury yield reaching a 24-year high overnight at 5.362%, before pulling back to 5.282%.

Tomorrow's US Nonfarm Payrolls Report for September is expected to reveal whether the economy added 90,000 jobs last month and maintained an unemployment rate of 4.1%