Crypto
Bitcoin Surges Above $87,000 on Softer Jobs Data
The price of Bitcoin surged above $87,000 on Friday morning in New York, buoyed by constant exchange-traded fund flows and a jobs report showing that unemployment in the U.S. had ticked up.
According to the Bureau of Labor Statistics, nonfarm payrolls increased 29,000 last month after a downward revision to the prior two months.
Weaker-than-expected jobs data can give a lift to riskier assets like Bitcoin and stocks, whose prices tend to swing more sharply.
Bitcoin investors shrugged off the central bank's interest rate hike in September, climbing on the news, and the coin's price has benefited from the so-called debasement trade.