Bitcoin Price Taps $87K as SEC Moves to Unlock Institutional Custody
Driven by weak U.S. employment data and a major SEC regulatory proposal, bitcoin briefly reclaimed $87,000 for the first time since Sept. 23. Back near $85,000 as of this writing, bitcoin remains up over the last day. Key TakeawaysBitcoin reclaimed $87,000 as September U.S. nonfarm payrolls added just 29,000 jobs, missing forecasts.A soft jobs report sparked rate cut bets, triggering $145 million in short liquidations on Coinglass.The SEC proposed new 1940 Act rules allowing investment advisors to custody crypto assets directly. Bitcoin Reclaims $87,000 Amid Weak Labor Data In price action likely to fuel “Uptober” sentiment, the price of bitcoin reclaimed $87,000 on Friday morning, marking the first time the cryptocurrency has breached the threshold since Sept. 23. The rally coincided with the release of September nonfarm payrolls (NFP) data showing near-flat employment growth and an unemployment rate increase to 4.2%. According to Bitstamp data, prior to surging, the cryptocurrencys price was stuck in the $84,500 to $85,000 range until late Thursday. However, an hour before midnight, bitcoin began climbing, gradually rising to $85,500 before a sharp rally added more than $1,000 in under 30 minutes to reach $86,780. A brief period of relative volatility followed as the price fluctuated between $85,500 and $86,000 before









