Bitcoin climbed above $87,000 in New York trading after U.S. employment data showed a sharp slowdown in hiring during September and a rise in unemployment. The move came as exchange-traded fund flows remained supportive, according to Bitcoin Magazine.
Softer jobs report lifts bitcoin
Bitcoin was recently trading at $85,990, up 2% over 24 hours, while its seven-day gain exceeded 2%, according to the source report. The rally followed data from the Bureau of Labor Statistics showing that U.S. nonfarm payrolls increased by just 29,000 in September. Figures for the previous two months were revised lower.
The report also showed that unemployment had ticked up. Together, the figures pointed to a labor market that was losing momentum more quickly than expected.
Employment data can influence financial markets because it affects expectations for interest rates and economic demand. Weaker hiring may reduce consumer spending and ease pressure on prices. If inflationary pressure moderates, the Federal Reserve may face less pressure to continue raising interest rates. Assets considered riskier, including bitcoin and stocks, can respond positively to that shift in expectations, although their prices can also move sharply in either direction.
Rate expectations and the broader backdrop
Bitcoin’s rise came despite a Federal Reserve interest-rate increase in September, which investors had largely looked past. The central bank’s new chair, Kevin Warsh, has said that prices in the U.S. remain too high and that the Federal Reserve is focused on making living costs more affordable.
Affordability has become a prominent economic and political issue ahead of the November midterm elections. The combination of expensive goods and a cooling labor market has kept attention on how policymakers balance inflation against economic activity.
Bitcoin had already gained momentum in August after the U.S. Treasury Department said it would more than double the size of its government debt repurchases. The cryptocurrency recorded its strongest August performance in three years and its third-best August on record, according to the source material.
Bitcoin’s recent performance and market picture
The cryptocurrency has also benefited from what investors call the “debasement trade”—buying assets as a hedge against the possibility that a currency loses value. The dollar declined in August, while bitcoin rose nearly 6% over the 30 days through September. October’s historically strong performance has led traders to nickname the month “Uptober.”
Moneyiar market data at 09:44 on October 3, 2026, showed bitcoin at $84,572.61, down 2.06% over 24 hours but still up 0.69% over seven days. The latest reading is below the level reported during Friday’s rally, highlighting the cryptocurrency’s short-term volatility.
Other assets tracked by Moneyiar showed mixed performance at the same time. Aethir was priced at $0.007022, up 12.28% in 24 hours and 7.91% over seven days. Data Network stood at $0.210934, down 1.66% daily and 6.38% weekly, while FUNToken was $0.008353, up 1.49% over 24 hours and 5.21% over seven days.
