Live updates: Bitcoin above $86,000 as traders price out an October Fed hike
Bitcoin remains above $86,000 as traders adjust expectations for a Federal Reserve rate hike following weaker-than-expected U.S. job growth. While some altcoins saw minor gains, the market remains cautious ahead of upcoming Fed meeting minutes.
Why it matters
Labor market data is a critical indicator for future central bank policy, which directly influences liquidity and risk appetite in the cryptocurrency sector.
DOGE led the majors with a gain of more than 3%, and HYPE rose nearly 3% to about $93. Ether and XRP gained up to 1%, while SOL, BNB and ZEC each slipped less than 1%, according to CoinDesk data.
According to QCP Capital, U.S. employers added just 29,000 jobs in September, against expectations of 84,000. Unemployment rose to 4.2%, and wage growth slowed to 3% from a year earlier, the slowest pace since May 2021.
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