Crypto
Weak Jobs Data Sends Bitcoin Prices Briefly Over $87K
Bitcoin prices briefly touched $87,200 on Friday after weaker-than-expected US jobs data was released. The September nonfarm payrolls came in at 29,000, well below the anticipated 84,000. This led to a drop in US bond yields, which fell for the second consecutive day.
Analysts believe that this development should still provide an upside catalyst for Bitcoin prices. Trading firm QCP Capital noted that 'a Treasury relief rally would provide the cleanest upside catalyst' for the asset.
The weaker labor-market data also led to a reduction in hawkish bets on Federal Reserve interest-rate hikes. The S&P 500 and Nasdaq Composite Index rose 1% and 1.8%, respectively, at the Wall Street open.