Bitcoin Surges Above $87,000 Following Weak US Jobs Report

Bitcoin's value increased to over $87,000 after the release of a disappointing jobs report from the United States, which has led to diminished expectations for an interest rate hike by the Federal Reserve in October. The Bureau of Labor Statistics reported that US employers added only 29,000 jobs in September, significantly lower than the anticipated increase of 89,000. Additionally, the unemployment rate rose to 4.2%, with substantial downward revisions to previous months' employment figures, reducing the combined gains for July and August by 60,000 jobs.

The labor market data revealed that the unemployment rate has fluctuated between 4.1% and 4.3% since March, with 7.1 million individuals unemployed in September. The labor force participation rate stood at 61.8%, while the employment-population ratio was recorded at 59.2%. Job gains were primarily driven by the health care sector, which added 17,000 jobs, followed by construction with 11,000 and manufacturing with 9,000. Conversely, the financial activities sector experienced a loss of 7,000 jobs, marking a decline of 129,000 since May 2025.

Fabian Dori, chief investment officer at Sygnum Bank, commented that the weak employment figures bolster the case for maintaining the current interest rates. He noted that while weak data does not automatically indicate a bullish market, it supports liquidity in the market. The likelihood of the Federal Reserve holding its benchmark interest rate steady at 3.75% to 4.00% during its meeting on October 28 has increased to approximately 82%, a significant rise from 36% just a week prior. In contrast, the probability of a rate hike has dropped to about 18%, down from 64% a week ago.

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Source: KLEA News