Bitcoin slipped 0.1% to $84,501.6 on Friday as a renewed Treasury bond sell-off offset easing Federal Reserve rate-hike expectations, but the token still headed for a weekly gain. A weak U.S. jobs report cut the odds of an October rate hike while the SEC proposed new crypto custody rules for investment advisers.
Bitcoin was last down 0.1% to $84,501.6 by 5:35 p.m. ET Friday, as a renewed sell-off in U.S. Treasury bonds offset an easing in Federal Reserve rate-hike expectations sparked by a weaker-than-expected jobs report. For the week, it had still climbed 0.5%, helped by a positive regulatory move from the U.S. Securities and Exchange Commission (SEC).
The token had earlier in the week closed out a stellar quarter with a 43% surge, and crypto market participants were looking ahead to a positive October — a month that has historically been good for digital assets.
Jobs data cools rate-hike bets, but bonds sell off
Nonfarm payrolls rose 29,000 last month, significantly lower than the estimated 89,000, the slowest monthly growth of the year. July and August payrolls combined were also revised down by 60,000, while the unemployment rate ticked up to 4.2% in September from 4.1% in August.
As a result, the odds of a quarter-point rate hike later this month fell to nearly 23%, per the CME FedWatch tool. The odds of the central bank instead holding rates steady surged to about 77%. Lower rates tend to strengthen speculative assets such as cryptocurrencies, but a bond-market rout that paused after the jobs report resumed later in the day. The 2-year Treasury yield fell 3.7 basis points this week. The 10-year and 30-year yields, meanwhile, climbed 9.5 and 12 basis points amid oil, AI-debt, and fiscal concerns.
Bitcoin enters 'uptober' with momentum and caution
Bitcoin has risen in 10 of the past 15 Octobers, with average gains of 27.4% and average declines of 13% — a trend traders call "uptober." Last October, however, Bitcoin's performance turned negative even after hitting a record high near the start of the month, as tariff threats and AI anxiety sparked a broad rotation out of crypto. That rotation persisted through most of 2026, driving Bitcoin as low as $58,000 before it staged a recovery over the past three months. It remains to be seen whether that rebound can extend through October, especially with rising interest rates and persistent U.S.-Iran tensions among the risk-averse cues markets face.
SEC proposes new crypto custody framework
The SEC on Thursday proposed new rules creating a custody framework for cryptocurrency assets held by registered investment advisers and regulated funds, removing barriers that inhibit advisers from offering crypto-related investment advice. SEC Chairman Paul Atkins said the crypto asset market has grown from a niche curiosity into a multi-trillion-dollar asset class since Bitcoin's 2008 debut, adding that "our rules and regulations have not kept pace."
Elsewhere, broader crypto prices were mixed. Ether dipped 1.2% to $2,660.26. XRP shed 1.1%. BNB and Cardano fell 0.7% and 2%, respectively. Solana added 0.3%.
Source: Cryptocurrency News (Investing.com)
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