Bitcoin Surges Past $87,000 Amid Weak US Jobs Report
Bitcoin has made its most successful month so far, surging past $87,000 on Friday after a weak US jobs report. The asset's price increase is largely due to improved institutional demand and softer inflation data. However, despite these positive signs, the setup for Bitcoin isn't entirely bullish.
The latest PCE data showed core inflation rising 0.2% month-over-month and around 3.0% annually, both of which were below expectations. This, alongside the relatively small number of only 29,000 added jobs in September, reduced some concerns about the need for additional monetary tightening from the US Federal Reserve.
Meanwhile, Hyperliquid's native token HYPE has been among the strongest market performers lately, reaching consecutive all-time highs as protocol activity and ecosystem development continue to expand. The project introduced manual borrowing through HyperCore, allowing users to use HYPE and BTC as collateral to borrow USDC or USDT. Borrowing volume reached almost $270 million on the first day.
Zcash has also been performing well, recently topping $1,600 for the first time in a decade. The biggest development is the network's seventh major upgrade, which received overwhelming support from voters and is scheduled to activate on November 5. It will reduce block time from 75 seconds to 25, effectively tripling the rate of block production.
Kaspa has also seen significant price movements, soaring by roughly 50% in the past month. The question now is whether network usage can catch up with technological development.