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LIVE: Bitcoin smashes $88,000
Bitcoin broke above $88,000, gaining almost 2% over the past 24 hours as crypto markets pushed higher. A weak September jobs report showed just 29,000 new jobs and a 29,000 downward revision to August.
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What happened
Bitcoin broke above $88,000, gaining almost 2% over the past 24 hours as crypto markets pushed higher. A weak September jobs report showed just 29,000 new jobs and a 29,000 downward revision to August.
Confirmed
Global impact / market context
A weak jobs report can pressure the Federal Reserve to lower interest rates, which means borrowing costs fall. Cheaper money often pushes investors toward riskier assets like Bitcoin, because safer options such as bonds pay less.
Analyst inference
Citigroup lifted its 12-month Bitcoin target to $113,000 and its Ether target to $3,028. These analyst targets suggest some large banks expect crypto prices to keep climbing, which may encourage more investors to buy.
Analyst inference
What to watch
- Watch whether Bitcoin holds above $88,000, since breaking and staying above that level could confirm the current upward move is durable rather than a brief spike. Confirmed
- Citigroup projects Bitcoin reaching $113,000 and Ether reaching $3,028 within 12 months, so upcoming price action will show whether those analyst targets prove accurate or overly optimistic. Proposed
- If upcoming jobs reports stay weak, rate-cut expectations could grow, supporting crypto prices. Strong jobs data would likely reverse that effect, pressuring Bitcoin lower. Analyst inference
Affected assets
- BTC — Bitcoin