Bitcoin Surges Past $87K as Weak US Labor Data and SEC Proposal Spark Institutional Hopes

The price of Bitcoin surged past $87,000 for the first time since September 23rd as the US labor market data showed weaker-than-expected employment growth.

The nonfarm payrolls added just 29,000 jobs in September, missing forecasts of 90,000. This triggered rate cut bets and short liquidations on Coinglass, with $142 million in Bitcoin short bets being liquidated versus about $29 million in longs over the last 24 hours.

The SEC proposed new rules allowing investment advisors to custody crypto assets directly, which could pave the way for institutional participation in the market. The proposal was seen as a positive development for the industry, providing legal clarity for fiduciary holdings.