Bitcoin tops $86,000 ahead of U.S. jobs report
Bitcoin is trading around $86,000 as markets await U.S. economic data, including unemployment rates and nonfarm payrolls. Meanwhile, the Euro has weakened due to fiscal concerns in France, and the U.S. Dollar Index has reached an 18-month high.
Why it matters
The interplay between rising U.S. bond yields, a strong dollar, and cryptocurrency performance highlights current global macroeconomic volatility.
The largest cryptocurrency by market capitilization eased to around $86,000 but remains around 1.5% higher on the day and up roughly 3% in October.
The unemployment rate is expected to remain unchanged at 4.1%, while nonfarm payrolls are forecast to increase by 90,000 in September, down from 162,000 in August.
The surge in government bond yields, with U.S. 10-year Treasury yield having reached multi-decade highs of 5.34%, had kept bitcoin locked in the $82,000-$85,000 range throughout the week. Yields move inversely to bond prices, so the spike in yields means higher borrowing costs.
Meanwhile, the U.S. Dollar Index (DXY), which measures the dollar against a basket of major currencies, briefly rose above 102 on Thursday, reaching an 18-month high. A stronger dollar typically puts pressure on risk assets, although bitcoin has continued to advance. However, the euro has fallen to around $1.12, its lowest level since May 2025.
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