Bitcoin Surges Past $87,000 on Weaker Jobs Data

The price of Bitcoin surged above $87,000 on Friday morning in New York as investors responded to softer-than-expected jobs data. The U.S. Bureau of Labor Statistics reported a 29,000 increase in nonfarm payrolls last month, which was lower than expected.

This weaker labor market news typically means less consumer spending, easing pressure on prices and potentially making the Federal Reserve less inclined to raise interest rates to combat inflation. Many economists and politicians have warned of an affordability crisis ahead of the November midterm elections.

The largest cryptocurrency has benefited from a so-called debasement trade, where investors buy certain assets to hedge against currency devaluation. The dollar's value slid in August, contributing to Bitcoin's price rise. October has historically delivered good returns for Bitcoin investors, with some traders dubbing it 'Uptober'.