Bitcoin Ignites Uptober with 3% Daily Gain to $86,000

Bitcoin has kicked off October at $86,000, defying expectations of an autumn slump. The price rose by over 3% in the past 24 hours and by more than 2% over seven days.

This gain comes after a strong third quarter, which saw Bitcoin rise by around 40%. However, it still lags behind for the year as a whole.

The surge is attributed to various factors, including the US Treasury's decision to expand buybacks of long-dated government bonds. This move has led to falling long-term yields and a weaker dollar, making risk assets more attractive.