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Bitcoin tops $86,000 ahead of U.S. jobs report
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- DeepHorus
Bitcoin, the largest cryptocurrency by market capitalization, briefly topped $86,885 before easing to around $86,000. It was about 1.5% higher on the day and roughly 3% higher in October as traders awaited the U.S. September jobs report, while rising bond yields and a stronger dollar weighed on risk assets.
Nonfarm payrolls were expected to rise by 90,000 in September, down from 162,000 in August, while unemployment was forecast at 4.1%. The data could shape interest-rate and risk appetite expectations. The U.S. 10-year Treasury yield reached 5.34%, a multi-decade high that kept bitcoin mostly in an $82,000-$85,000 range during the week.
The U.S. Dollar Index briefly moved above 102 on Thursday, an 18-month high, while the euro fell to about $1.12, its lowest since May 2025. A stronger dollar usually pressures risk assets, making bitcoin’s advance notable. The pending labor report remained the key near-term focus.
French fiscal concerns added pressure to the euro as the French-German 10-year yield gap widened to a 14-year high. French five-year credit-default swaps also reached a multiyear high. Bloomberg’s Lisa Abramowicz said France’s borrowing costs had exceeded Italy’s and Greece’s, with the premium over German bunds at its widest since the European debt crisis.
France also faces one of the EU’s largest fiscal deficits, reinforcing sovereign-risk concerns. High U.S. yields, dollar strength and French debt stress created a difficult backdrop for risk assets, yet bitcoin held near $86,000 and remained up in October.
Traders are watching whether the September payrolls and unemployment figures point to slower growth or persistent labor-market strength. The outcome could affect borrowing-cost expectations, the dollar and bitcoin’s next move. For now, bitcoin remains tied to U.S. data and broader sovereign-market developments.
