By Oluwaseyi Odeyemi 
Crypto markets opened the fourth quarter on a strong note, with bitcoin climbing nearly 4% in the past 24 hours to $117,400.
Key Highlights:
- Bitcoin rose to $117,400, leading a broad rally across crypto.
- Altcoins including ether, Solana and dogecoin outperformed, up 5%–7%.
- Economic data showed U.S. private payrolls falling by 32,000 in September, the steepest drop in 2.5 years.
- CME FedWatch Tool priced in a 99% chance of another Fed rate cut in October.
- Spot bitcoin ETFs saw $950 million of late-September inflows, reversing outflows from earlier in the month.
The move extended gains seen overnight and coincided with fresh U.S. economic data that reinforced expectations of further Federal Reserve rate cuts this year.
Figures from payroll processor ADP showed private employers cut 32,000 jobs in September, the sharpest decline since early 2022. August’s modestly positive figure was revised to a loss. Traders are now watching for the Labor Department’s monthly jobs report, though its release may be delayed by the U.S. government shutdown.
The ISM September Manufacturing PMI came in at 49.1, signaling contraction, while the Prices Paid index eased to 61.9, suggesting inflationary pressure may be cooling. Equities reacted cautiously, with the Nasdaq and S&P 500 edging lower. Gold touched a record high of $3,921 before slipping back to $3,888.
Altcoins showed even stronger momentum than bitcoin, with ether, Solana and dogecoin rallying between 5% and 7% in the past day.
Traders are now almost certain the Fed will cut rates again in October. CME’s FedWatch Tool showed a 99% probability of a 25 basis point reduction, up from 92% one week earlier.
September, typically a weak month for crypto, ended on a high note. Bitcoin gained around 6% for the month, boosted by $950 million in ETF inflows during the final two days, which erased $900 million of outflows the previous week.
Noelle Acheson, author of Crypto Is Macro Now, said the coming quarter is likely to mark the start of a new crypto bull market. She pointed to easing interest rates and potential policy support, including yield curve control, as factors that could lift risk assets if the global economy falters. She added that altcoins could benefit most, with spot ETFs expected to expand investor attention beyond bitcoin and ether.
Opeyemi Quadri 
Editorial Staff