Bitcoin Surges Past $87,000 Amid Weak U.S. Labor Data
- The price of Bitcoin rose to $87,219, the highest since September 23.
- U.S. nonfarm payrolls increased by just 29,000 jobs in September, missing the forecast of 90,000.
- $145 million in short liquidations occurred on Coinglass as Bitcoin’s price climbed.
- The SEC proposed new rules allowing direct custody of crypto assets by investment advisors.
Bitcoin’s recent price surge past $87,000 coincided with weak U.S. labor data that showed a significant shortfall in job growth for September and an increase in unemployment to 4.2%. The soft jobs report has fueled expectations for Federal Reserve rate cuts, impacting market dynamics and leading to substantial short liquidations on Coinglass.
The SEC’s proposal for modernized crypto custody rules could enhance institutional participation by providing legal clarity for fiduciary holdings of digital assets like Bitcoin. (Source)
