Shutdown jitters meet weak jobs data as Bitcoin vaults past $114,000 amid a short squeeze.<\/p>\n Oct. 2, 2025 at 12:45 am UTC<\/span><\/p>\n<\/div>\n<\/div>\n 2 min read<\/span><\/p>\n Updated:<\/span> Oct. 2, 2025 at 1:44 pm UTC<\/span><\/p>\n<\/div>\n<\/div>\n<\/div>\n Cover art\/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.<\/p>\n<\/div>\n<\/div>\n Bitcoin (BTC) was trading at $117,00 as of press time, up 3.3% over the past 24 hours, driven by a weakening US dollar amid a government shutdown<\/a>.<\/p>\n Unsettled investors are inclined toward a more dovish rate path, which led BTC to reclaim $114,000 and continue climbing as an \u201cinstability hedge\u201d bid that often appears when uncertainty collides with softer real-yield expectations.<\/p>\n As Glassnode<\/a> reported on Oct. 1<\/a>, reclaiming the $114,000 threshold was enough to trigger cascading liquidations on short positions. This fueled further upside for Bitcoin.<\/p>\n Bitcoin\u2019s performance pulled major cap altcoins up as well, with Ethereum climbing to over $4,300, up 3.9%, while BNB was trading above $1,020, up 1.4% over the past day.<\/p>\n XRP traded at $2.92, a 2.9% daily increase, and Cardano reached $0.8381 with a 3.8% climb. Solana touched $218.20 with a 4.6% upward movement, and Dogecoin traded at $0.2444, securing a 5% price increase.<\/p>\n Private payrolls fell by 32,000 in September, the biggest drop in roughly two and a half years, just as the shutdown threatens to delay official labor data.<\/p>\n With market data blind to key releases, traders leaned harder on proxies, nudging rate-cut odds higher and clearing the runway for a crypto bounce. Odds on Polymarket<\/a> for a 25 basis point cut on the interest rate this month surpassed 90%<\/a> for the first time on Oct. 1.<\/p>\n Reuters flagged the weak Automatic Data Processing (ADP) report and the growing reliance on private data amid government series in limbo.<\/p>\n Positioning and flows helped the move stick. Glassnode noted<\/a> that spot Bitcoin ETFs finished September with a 3,200 BTC inflow on Sept. 30.<\/p>\n Additionally, the \u201cUptober\u201d narrative helps. October has historically been a seasonally strong month for BTC.\u00a0Liquidity is also thinner than usual this week because of Asia\u2019s Golden Week, a recurring pattern that makes order books easier to push once momentum flips.<\/p>\n ETF demand, a supportive calendar, and light books are the catalysts that enable a modest macro surprise to travel farther in price.<\/p>\n What turns a pop into a path is still the same trio: the dollar and real yields, the duration of Washington\u2019s data blackout, and whether ETF demand persists once holiday-thinned liquidity fills back in.<\/p>\n If the dollar stays on the back foot and cut odds hold up, dip-buyers usually continue to show. If proxies sour or shut down, the current rally can give back ground just as quickly. For now, the balance of forces favors variance.<\/p>\n The Oct.1 leg-up is a combination of a macro nudge from weaker jobs data and a softer dollar, a seasonal bid into \u201cUptober,\u201d and a squeeze that cleared out shorts once the spot price breached $114,000.<\/p>\n At the time of press 1:44 pm UTC on Oct. 2, 2025<\/span>, Bitcoin<\/a> is ranked #1 by market cap and the price is up 2.28%<\/span><\/strong> over the past 24 hours. Bitcoin has a market capitalization of $2.38 trillion<\/strong> with a 24-hour trading volume of $66.6 billion<\/strong>. Learn more about Bitcoin \u203a<\/a><\/p>\n At the time of press 1:44 pm UTC on Oct. 2, 2025<\/span>, the total crypto market is valued at at $4.1 trillion<\/strong> with a 24-hour volume of $186.83 billion<\/strong>. Bitcoin dominance is currently at 58.02%<\/strong>. Learn more about the crypto market \u203a<\/a><\/p>\n<\/div>\n<\/div>\n![\"bitcoins](\"https:\/\/cryptoslate.com\/wp-content\/themes\/cryptoslate-2020\/imgresize\/timthumb.php?src=https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/10\/crypto-pump.jpg&w=70&h=37&q=75\")
Why did the crypto market pump today? Everything that helped the leg-up<\/span> Gino Matos \u00b7<\/span> 5 days ago<\/span> \u00b7 2 min read<\/span> <\/span> <\/span> <\/span> <\/span><\/p>\n![](\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2024\/08\/cs-gino-150x150.jpg\")
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<\/a><\/p>\n<\/div>\nBitcoins Macro tailwinds<\/h2>\n
Bitcoins \u2018Uptober\u2019<\/h2>\n
Bitcoin Market Data<\/h6>\n
Crypto Market Summary<\/h6>\n
Mentioned in this article<\/h6>\n