Bitcoin Rises to $86,650 as 'Uptober' Hopes Grow
Bitcoin's price has risen to $86,650.4 after extending its positive start to October amid hopes that it will perform well during the month, dubbed 'uptober' by crypto traders.
The world's largest cryptocurrency rose 3% and was up 2.6% this week, marking its third straight week of gains.
While broader crypto prices also rose, bigger gains were held back by caution ahead of closely watched U.S. nonfarm payrolls data due later in the day.
Bitcoin has historically performed well in October, with average gains of 27.4% and average declines of 13%. However, it remains to be seen whether the crypto could extend its rebound through October, especially as markets grapple with even more risk-averse cues.
Crypto prices firmed on Friday, although gains were quashed by anticipation of key U.S. data. The print comes amid growing anxiety over more interest rate hikes by the Federal Reserve and rising U.S.-Iran tensions.