14 October 2026
Bitcoin Price Surges to $87K Amid Weak Employment Data and SEC Custody Proposal
Bitcoin's price surged to $87,000 for the first time since September 23, driven by a lackluster U.S. employment report and a significant regulatory proposal from the SEC.
The U.S. Bureau of Labor Statistics revealed that only 29,000 jobs were added in September, falling short of the anticipated 90,000. This disappointing data has led to increased expectations for interest rate cuts, causing a ripple effect in the crypto market.
As traders reacted to the news, Bitcoin's price climbed from around $84,500 to a peak of $87,219, before stabilizing around $85,188, reflecting a daily gain of nearly 1%.
In the wake of this price action, approximately $142 million in short positions were liquidated, highlighting the volatility and unexpected nature of the surge.
Additionally, the SEC's proposal to allow investment advisors to directly custody crypto assets has provided further optimism for institutional participation in the market. This move aims to fill the compliance gap left by traditional custodians who are often unwilling to manage digital assets.
As the market digests these developments, Bitcoin's rally could signal a positive trend for the month of October, often referred to as 'Uptober' in crypto circles.
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