Bitcoin saw a 1% increase, reaching slightly over $86,000 early Monday, following a disappointing U.S. jobs report that led traders to reassess their expectations regarding a Federal Reserve rate hike in October.
Among major cryptocurrencies, DOGE stood out with a rise exceeding 3%, while HYPE climbed nearly 3% to around $93. Ether and XRP each saw gains of up to 1%, whereas SOL, BNB, and ZEC experienced minor declines of less than 1%, as reported by CoinDesk.
According to QCP Capital, the U.S. economy added only 29,000 jobs in September, falling short of the anticipated 84,000. The unemployment rate increased to 4.2%, and wage growth decelerated to 3% year-over-year, marking the slowest increase since May 2021.
This data suggests that the Federal Reserve may opt for a pause in its rate adjustments come October; however, long-term borrowing rates have remained largely unchanged. The yield on 10-year Treasury bonds is currently at 5.25%, which QCP attributes to a significant bond supply and the higher returns that investors now seek for holding long-term debt.
Liquidations over the weekend were relatively low at $62.7 million, with short positions constituting 68% of the total. QCP noted, "Acceptance above $87,200 remains necessary to confirm the next leg of the market."
Minutes from the Federal Reserve's most recent meeting will be released on Wednesday.