From CoinDesk · By James Van Straten
Bitcoin briefly topped $86,885, with U.S. payrolls expected to rise by 90,000 and unemployment forecast to hold at 4.1%.
The dollar reached an 18-month high as bond yields surged, while France’s borrowing premium over Germany widened to its largest in 14 years.
Bitcoin BTC$86,405.47 briefly topped $86,885 on Friday ahead of the latest U.S. jobs figures.
The largest cryptocurrency by market capitilization eased to around $86,000 but remains around 1.5% higher on the day and up roughly 3% in October.
The unemployment rate is expected to remain unchanged at 4.1%, while nonfarm payrolls are forecast to increase by 90,000 in September, down from 162,000 in August.
The surge in government bond yields, with U.S. 10-year Treasury yield having reached multi-decade highs of 5.34%, had kept bitcoin locked in the $82,000-$85,000 range throughout the week. Yields move inversely to bond prices, so the spike in yields means higher borrowing costs.
Meanwhile, the U.S. Dollar Index (DXY), which measures the dollar against a basket of major currencies, briefly rose above 102 on Thursday, reaching an 18-month high. A stronger dollar typically puts pressure on risk assets, although bitcoin has continued to advance. However, the euro has fallen to around $1.12, its lowest level since May 2025.
Concerns over France’s public finances have added to pressure on the euro. French five-year credit default swaps, which measure the cost of insuring against a sovereign default, have climbed to a multiyear high. The gap between French and German 10-year bond yields has also widened to its largest in 14 years.
France’s borrowing costs have overtaken those of Italy and Greece, Bloomberg’s Lisa Abramowicz noted, with French yields trading at their highest level relative to German bunds since the European debt crisis. France also faces one of the EU’s largest fiscal deficits.