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Why Bitcoin traders cheered a bad jobs report

Economists expected 84,000 new US jobs in September, and Friday's report showed 29,000. BTC hit $87,165 within the hour. With August PCE inflation also below forecast, the odds of the Fed holding rates in October rose above 80%.

Bond yields held the rally back: the 10-year touched 5.34%, the highest since 2002. BTC still closed Friday up 0.9% at $84,650. NordFX analysts see $87,500 as the line to break for a run at $90,000.

waiting for the bulls

Gainers & Losers

PIVX rose with the privacy-coin rally as traders went looking for a cheaper Zcash. LOFI, the yeti memecoin on Sui, bounced off its lows in the same week as Sui Basecamp. Gitcoin's GTC jumped from near its all-time low on a volume spike that no news can explain. D2T went the other way, losing about 70% of its price last week.

PIVX PIVX

$0.064 ▴ 63.74%

get PIVX

Gitcoin GTC

$0.17 ▴ 94.60%

get GTC

Lofi LOFI

$0.012 ▴ 98.31%

get LOFI

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What Shaped the Market This Week

ETH is waiting on Glamsterdam

ETH went up to $2,777 on Friday, gave it back and finished the week flat. This Tuesday is the first public test of Glamsterdam, Ethereum's next upgrade, on the Sepolia testnet. Developers haven't set a mainnet date, and how Sepolia goes will decide when they do.

check on ETH

XRP lending heads to a vote

Validators are now voting on LendingProtocolV1_1. It needs over 80% backing for two straight weeks, and two more amendments have to pass after it before native lending goes live. On Sep 30, shareholders approved Evernorth's merger, sending its 473M XRP treasury to Nasdaq.

The SEC goes ahead without Congress

Two weeks after the CLARITY Act died in the Senate, the SEC proposed crypto custody rules for advisers and funds on Oct 1. Under the proposal, advisers could keep client crypto with state trust companies. If no permitted custodian is available, they could hold it themselves. Comments are open for 60 days. Funds that stayed out over custody worries would finally have a compliant way in.

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