Live updates: Bitcoin trading near $86,000 after big miss on U.S. jobs — SkimNews
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- U.S. payrolls rose by 29,000 in September, well below the expected 90,000, while unemployment climbed to 4.2% and wage growth missed forecasts
- Bitcoin briefly surpassed $87,000 during U.S. morning trading before pulling back to $85,500, gaining momentum from softer labor data
- Joel Kruger at LMAX Group said the jobs miss strengthens the case for unwinding crowded dollar-long positions, which could support risk assets like bitcoin
- Treasury yields may decline if the Fed faces less pressure to tighten, reducing the U.S. rate advantage and improving conditions for non-yielding assets
- Oil prices are lower, according to Kruger, which could further reduce inflationary pressure and limit the need for additional Fed tightening
Why it matters: The weaker labor data shifts market expectations away from further Fed tightening, directly benefiting non-yielding assets like bitcoin that thrive in lower-rate environments; this alters the near-term risk-asset outlook as traders reassess dollar strength and yield trajectories.
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