Live Updates: Bitcoin holding near $84,000 ahead of Friday’s U.S. jobs report

Live Updates: Bitcoin flat near $84,000 after closing out best quarter since 2024

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After a spike higher overnight, interest rates are dipping ahead of tomorrow’s key U.S. employment report.

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The ISM Manufacturing PMI edged down to 54.5 in September, from 54.6 previously. Economist forecasts had been for a small rise to 55.

Any number above 50 indicates economic expansion.

The New Orders subindex rose to 55.3 from 53.7.

The Prices Paid subindex rose to 77.9 from 71.1, topping forecasts for 72.3. Perhaps even more troubling, survey respondents reported every single commodity as up in price and exactly zero commodities as down in price.

Bottom line: The report shows an economy still in strong expansion mode with inflation pressures worsening.

Markets aren’t really reacting as traders look ahead to tomorrow’s September employment report.

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According to crypto-sleuth ZachXBT, NEAR Intents was exploited for $3.8 million several hours ago.

NEAR Intents has reportedly temporarily suspended operations.

NEAR token is lower by 9%.

Update: “Earlier today NEAR Intents services were stopped after a security incident was detected,” wrote the NEAR Intents team. “The incident was caused by a bug in the Omni deposit and withdrawal infrastructure interaction with NEAR Intents smart contract.”

“The contract-side vulnerability has been patched. The operations of the NEAR Intents and near(.)com are expected to resume within 1h.”

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The 10-year Treasury yield rose by a whopping 53 basis points in September, the largest monthly move since September 2022, according to Yahoo Finance’s Julie Hyman.

She noted that the big move in yields in September 2022 was enough to knock the S&P 500 down by more than 9% that month. This time around, though, stocks barely budged, the S&P 500 dipping just 0.45%.

As for bitcoin, it fell 3.1% in September 2022 — actually not too bad a result considering the carnage in crypto that year. BTC rose 6.3% this past September.

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Initial jobless claims edged lower to 197,000 last week, according to a just-released government report. That’s down from 198,000 previously and just below market forecasts for 200,000.

The four-week average dipped to 200,000 from 202,500.

Twenty-four hours from now, markets will get the government’s Nonfarm Payrolls Report for September, with economists expecting 90,000 jobs to have been added and the unemployment rate to hold at 4.1%.

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Bitcoin BTC$84.149,70 rose 42.7% in the third quarter, its best quarterly performance since jumping 68.7% in the first quarter of 2024. Ether ETH$2691,08 rose 70.8%, its best result since soaring 160.7% in the first quarter of 2021.

Both cryptos are about flat on the first day of the fourth quarter, with bitcoin just under $84,000 and ether just above $2,700.

Interest rates have become the big macro story, with the U.S. 10-year Treasury yield touching yet another 24-year high overnight at 5.362%. It’s since pulled back to 5.282% as bearish traders likely hedge bets ahead of tomorrow’s U.S. Nonfarm Payrolls Report for September.

Economist forecasts are for the U.S. to have added 90,000 jobs last month and the unemployment rate to hold at 4.1%.