UPDATE: Bitcoin crosses $87,000 as weak jobs data triggers $120M in liquidations
CIE News ·
Following weak U.S. labor revisions, Bitcoin surged past $87,000, driving $120 million in short liquidations as markets repriced lower chances of an October rate hike.
As previously reported, the U.S. labor market expanded by just 29,000 jobs in September. Further details reported by CoinDesk show that wage growth softened to 0.1% month-over-month and 3.0% annually, while July employment figures were revised downward to show a loss of 10,000 positions. Following the release, interest rate markets sharply adjusted expectations, with the probability of an October rate hike dropping to 21.6%.
The repricing triggered a rally across digital assets, sending Bitcoin (BTC) up roughly 3% to cross $87,000, while the broader crypto market capitalization climbed 2.1% to $2.93 trillion. According to crypto.news, the upward move broke through dense clusters of sell orders around $85,000, fueling over $120 million in Bitcoin short liquidations within a 24-hour period.