Cryptocurrencies ended the Sept 28-Oct 2 period mixed, with Bitcoin gaining 1.2% to US$84,510.80 from US$83,507 on Sept 28, while Ethereum slipped 0.8% to US$2,668.69 from US$2,688.91.
Bitcoin began the week under pressure as surging oil prices and US Treasury yields fuelled inflation concerns and strengthened expectations for further Federal Reserve (Fed) rate increases. The cryptocurrency fell 1.1% on Sept 28 before stabilising around the US$83,000 level through the next two days.
Sentiment improved later in the week after softer US inflation data reduced expectations for an October Fed rate hike, helping Bitcoin rise 1.5% on Oct 1 to US$84,880.10. Ethereum also advanced, closing at US$2,706.39.
Bitcoin briefly climbed above US$86,000 on Oct 2 ahead of US employment data, but gave back its gains to end 0.4% lower. September nonfarm payrolls rose by just 29,000, reinforcing expectations that the Fed could keep rates unchanged in October, although another rise in Treasury yields limited the boost to risk assets.
Ethereum, meanwhile, suffered a sharper pullback of 1.4% on Oct 2, leaving it slightly lower over the five-day period as persistent high bond yields and elevated energy prices kept broader cryptocurrency risk appetite in check.
