Bitcoin dominated Friday’s crypto tape, extending gains as softer labor data, easing yields, and fresh ETF inflows supported the move. Outside BTC, regulators and issuers kept custody and stablecoin policy in focus, while security incidents and failed infrastructure projects underscored ongoing operational risk.
Bitcoin extends its October rally
Bitcoin traded near $87,000 after a much weaker-than-expected U.S. jobs report, with several updates pointing to sustained buying pressure and risk-on positioning. Reports noted BTC was up more than 2% to 3% on the day, briefly topped $86,000, and reached new October highs near $87,800 as short liquidations topped $120 million. Open interest and funding rates also rose, suggesting traders were adding bullish leverage.
Sources: CoinDesk, CoinDesk, Cointelegraph, CoinDesk, CoinDesk
Macro data and ETF flows supported the move
The day’s price action came alongside cooling inflation expectations, dovish Fed commentary, and falling odds of additional tightening, according to market reports. Bitcoin ETFs also returned to net inflows with $103 million, while ether funds logged a third straight day of outflows.
Sources: Decrypt, Cointelegraph, Decrypt
Regulators and issuers focus on crypto custody and stablecoins
Circle called on EU officials to revise MiCA stablecoin reserve rules, arguing for more flexible liquidity requirements and continued cross-border issuance. In the U.S., the SEC proposed new custody rules for advisers and funds, including use of state trust companies and some self-custody arrangements.
Sources: Cointelegraph, Decrypt, CoinDesk
Security and enforcement remain active
U.S. authorities moved against Russia’s A7 network, which Treasury said should be cut off from U.S. finance, including crypto activity tied to its ruble token. Separately, Spanish police arrested a 16-year-old accused of running the KillSec ransomware group, with investigators tracing ransom proceeds in crypto. CoinDesk also reported a $3.8 million exploit affecting NEAR Intents, though the project said it would reimburse losses.
Other notable crypto developments
Porsche said it is winding down its Web3 project and Pioneers Circle community as activity in its 911 NFT collection faded. CoinDesk also reported that a Tether-backed project, Utexo, plans private USDT transfers, BTC-USDT swaps, and BTC-backed loans while keeping most data off Bitcoin’s public ledger.
Sources: Cointelegraph, CoinDesk