Bitcoin Smashes $88,000 as Weak Jobs Report Boosts Cryptos

Bitcoin has broken through the $88,000 barrier, with prices rising almost 2% over the past 24 hours. The cryptocurrency's value is up as a result of a surprisingly weak September US jobs report, which showed just 29,000 new jobs and an unemployment rate of 4.2%. The downward revision to August's job numbers also added to the negative economic indicators.

Citigroup has raised its 12-month targets for Bitcoin and Ether, with the former now set at $113,000 and the latter at $3,028. This move reflects a bullish outlook from analysts on both cryptocurrencies' price and adoption prospects.