Live updates: Bitcoin posts tentative gains as rates drop ahead of Friday's jobs report
Reported by CoinDesk · AI-assisted summary by ChikoCorp AI News Desk
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Summary
Bitcoin rose 42.7% in the third quarter, marking its best quarterly gain since a 68.7% rise in the first quarter of 2024. Ether increased 70.8%, its strongest quarterly result since a 160.7% surge in the first quarter of 2021. On the first day of the fourth quarter, both cryptocurrencies remained relatively flat, with bitcoin near $84,000 and ether just above $2,700.
Why it matters
The third quarter's strong performance highlights significant recent gains in major cryptocurrencies. The report suggests that macroeconomic factors like rising interest rates, including the U.S. 10-year Treasury yield reaching a 24-year high, may be influencing market activity. The source does not explicitly state the broader impact on markets or users.
Key context
Interest rates are a major macroeconomic theme, with the U.S. 10-year Treasury yield reaching 5.362% before pulling back slightly. Market participants may be adjusting positions ahead of the upcoming U.S. Nonfarm Payrolls Report, which is forecast to show 90,000 jobs added in September and a steady unemployment rate of 4.1%.
Key numbers and entities
Bitcoin (BTC) at $83,986.47, rose 42.7% in Q3. Ether (ETH) at $2,705.81, increased 70.8% in Q3. U.S. 10-year Treasury yield peaked at 5.362%, later falling to 5.282%. Economists forecast 90,000 new U.S. jobs and a 4.1% unemployment rate for September.
What remains unclear
The source does not explain the implications of these quarterly moves for future cryptocurrency trends or investment strategies. It also does not detail how macroeconomic changes will directly affect the crypto markets going forward.