Bitcoin Surges to $86,885 Ahead of U.S. Jobs Report

Bitcoin's price briefly topped $86,885 on Friday ahead of the U.S. jobs report, but eased to around $86,000 by the end of the day. The cryptocurrency remains 1.5% higher than its opening price and has gained roughly 3% in October.

The U.S. jobs report is expected to show a 90,000 increase in nonfarm payrolls for September, down from 162,000 in August. The unemployment rate is forecast to remain unchanged at 4.1%.

The surge in government bond yields, with the U.S. 10-year Treasury yield reaching multi-decade highs of 5.34%, has contributed to the increase in borrowing costs. This, in turn, has put pressure on the euro, which has fallen to around $1.12, its lowest level since May 2025.

France's public finances have come under scrutiny, with French five-year credit default swaps climbing to a multiyear high. The gap between French and German 10-year bond yields has also widened to its largest in 14 years, with France's borrowing costs overtaking those of Italy and Greece.