Good morning, everybody.
It is your Daily Crypto News for Monday, October 5th, 2026. My name is Matt.
And we have Craig Cobb coming up in a little bit to talk about Bitcoin pushing toward $87,000 and where the market goes from here.
Bitcoin climbed as high as roughly $86,950 before falling back into the $86K range.
Before we get to Craig, let’s take a quick look at the macro picture.
Friday’s U.S. jobs report showed approximately 29,000 new payrolls in September, well below expectations, while unemployment rose to 4.2%.
Markets responded by dramatically reducing expectations for another October Fed rate hike.
And I don’t really understand why the odds changed that much off one jobs report.
Yes, 29,000 jobs is weak.
But unemployment at 4.2% is still historically low, and inflation hasn’t suddenly disappeared. I understand becoming more cautious, but I don’t know why you would completely change your policy path because of one jobs report.
We’ll see what the Fed does.
The Treasury market is still crazy.
The 2-year is around 4.8%.
The 10-year is around 5.25%.
The 30-year is around 5.6%.
The 10-year has come down from roughly 5.34% last week, but come on.
These are still enormous yields.
Bitcoin ETF flows also turned positive again Friday, bringing in approximately $189.8 million. BlackRock took in the lion’s share at around $158.2 million.
So Bitcoin is pushing toward $87K, ETF flows are positive again, and the macro environment is still weird.
Let’s bring in Craig.
Craig Cobb’s Market Update
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Good everybody, welcome to another week.
I’m back after the school holidays, and Bitcoin is getting really interesting.
If you’ve been following my newsletter or the work I’ve been doing around Bitcoin’s three-month chart, this is the level I’ve been watching.
Bitcoin’s Three-Month Chart Is at a Critical Point
The three-month candle closed at the beginning of October.
The high of that candle is approximately $87,374.
Bitcoin hasn’t broken that level yet.
But if it does, that could be a very important technical development.
When we’ve previously had a bullish three-month candle after a significant pullback into these moving averages, then closed that candle bullish and broken its high, Bitcoin hasn’t revisited the prior lows.
That doesn’t guarantee anything.
But it makes this three-month candle extremely important.
I think we’re already seeing the beginning of the end of the bear market structure.
If Bitcoin can break that high, that strengthens the case considerably.
It’s exciting.
But we’re not there yet.
The Weekly Bitcoin Trend Has Turned Higher
Now let’s look at the weekly chart.
Bitcoin finished another positive week, up around 2.43%.
More importantly, we have a higher low and a higher high.
That gives us a weekly uptrend.
We’ve also broken the monthly downtrend.
That does not mean the monthly chart is officially in an uptrend yet.
But the weekly chart is.
And things are starting to look much better for Bitcoin.
The daily chart is still a little messy.
Bitcoin pulled back into the cradle zone, printed a bullish candle and is starting to move back out.
Again, what I really want to see is that three-month candle high taken out.
If Bitcoin pushes through that level and gives us another higher high to go with the higher low, then we can start talking about a proper daily uptrend as well.
Right now, we don’t really have that.
It’s still consolidation.
Not much happened through most of last week, and most of the week’s move came during that final Sunday candle.
What I’m Looking for as a Trader
There is a developing resistance level on the shorter time frames.
It’s not perfect yet.
I’d like to see Bitcoin test that area again and then pull back into a higher low.
If I get that structure, there may be an opportunity to trade the breakout.
Otherwise, if Bitcoin simply pushes straight through the resistance level, I’ll be watching for pullbacks into that former resistance once the trend is established.
That’s what I want.
I don’t need to guess.
I want the market to confirm the trend and then look for the setup.
Ethereum, BNB, Solana, XRP and TRON
As far as the rest of the market is concerned, let’s have a look.
Ethereum has a pretty obvious level around $2,800 that needs to break.
It’s sitting in a solid consolidation.
I’d like to see it push out of that range with the broader market.
BNB has pulled back and is starting to move higher again.
There’s not much going on yet on the daily or four-hour charts, but it’s still progressing to the upside.
Solana is consolidating as well.
Hopefully we see it push through with the broader market and take another leg higher.
XRP is doing its thing.
TRON does what TRON does, which is basically whatever it wants.
Zcash, Hyperliquid and Monero
Zcash has produced a very clean pullback on the two-day chart.
It’s still an extremely strong chart.
The pullback has some depth to it, but that’s not surprising considering the enormous move Zcash had before it.
Hyperliquid is picking up the pace today and leading the market higher.
The trends aren’t giving me a huge amount to sink my teeth into on the lower time frames just yet.
But if these moves continue, opportunities should start presenting themselves over the coming days, particularly if we get clean pullbacks into the moving averages.
Monero is also sitting in consolidation on the daily chart.
Overall, the market looks pretty healthy.
What I really want to see now is Bitcoin leg higher.
And honestly, I want the whole market to leg higher.
That gets us back into a much more positive environment.
I’m not going to jinx it.
But the market doesn’t look terrible.
It actually looks pretty healthy.
I’ve had an entire week off, and this is literally the first proper look I’ve had at the charts.
You’re basically getting a raw top-10 scan.
And that’s what I’m seeing.
Have a fantastic day.
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Thank you, Mr. Cobb.
Now let’s get into the headlines.
Kraken Builds 24/7 Settlement as Tokenized Stocks Move Forward
Kraken’s parent company, Payward, is building out 24/7 institutional dollar settlement.
The company integrated with a real-time clearing network serving selected institutional digital-asset clients in Asia and the Gulf region.
The important part is that deposits can become available for trading outside normal banking hours.
That’s where the infrastructure has to go.
Crypto trades 24/7.
Banks don’t.
If institutions want to participate in digital-asset markets around the clock, the settlement infrastructure eventually has to work around the clock too.
We’re also seeing more movement around tokenized U.S. stocks.
A venture involving OKX and Intercontinental Exchange, the parent company of the New York Stock Exchange, has filed with the SEC seeking to create a U.S. tokenized-securities venue.
The plan is to offer round-the-clock trading in U.S. securities.
This follows the SEC’s recent innovation exemptions around tokenized securities.
And this goes back to something we’ve been talking about since the CLARITY Act failed.
The important regulatory story right now isn’t new legislation.
It’s implementation.
The SEC continues advancing crypto custody rules.
Tokenized-stock exemptions are already being used.
The CFTC continues developing crypto rules under existing authority.
Companies are now filing actual products around these frameworks.
Congress didn’t pass CLARITY.
The regulatory system didn’t stop.
The agencies kept moving.
The Fed Minutes Arrive Wednesday
The September FOMC minutes come out Wednesday at 2 p.m. Eastern.
Markets will be looking at how divided policymakers were over the September rate increase and how strongly they were leaning toward additional hikes.
After Friday’s weak jobs report, those minutes could influence expectations for the next several meetings.
Again, I understand why they’re cautious.
I just don’t completely understand why one jobs report would make you abandon a rate path if inflation is still the bigger issue.
Yes, 29,000 new jobs isn’t much.
But unemployment at 4.2% is still low.
Maybe the Fed sees something I don’t.
They probably do.
We’ll see what the minutes say.
Ethereum Has Huge Staking Queues in Both Directions
Ethereum has something pretty interesting happening with staking.
Approximately 786,000 ETH, worth more than $2 billion, is currently queued to leave staking, with estimated waiting times approaching two weeks.
At the same time, around 1.5 million ETH is waiting to enter staking, with an entry queue around 25 days.
So this isn’t some Ethereum bank run.
There is actually more ETH waiting to enter staking than leave it.
But the staking system is dealing with an unusually large amount of validator movement at the same time.
Why?
I don’t know.
Maybe people want liquidity.
Maybe ETH’s price is attractive enough that people want to take some money off the table.
Maybe people didn’t expect ETH to still be around $2,700 during what was supposed to be the ugly part of the cycle.
Maybe somebody needs holiday money.
I don’t know.
And I’ve said “I don’t know” a lot today.
But that’s better than making up some shit.
Zcash Tests a Faster Network as Blast Shuts Down
Zcash has activated testing for its NU7 upgrade.
The upgrade is designed to reduce the network’s target block time from approximately 75 seconds to 25 seconds.
The current plan is for a mainnet launch on November 5, pending the results of public testing.
The upgrade also changes how transaction fees and mining rewards are handled, directing a portion into a reserve for future mining rewards while reducing individual block rewards so overall issuance doesn’t accelerate.
Ethereum developers are also preparing to test the Glamsterdam upgrade on the Sepolia testnet this week.
The test is intended as a major rehearsal for changes involving account abstraction and data availability.
Meanwhile, Blast is shutting down its Layer 2.
Blast was one of the better-known Ethereum Layer 2 launches from the previous cycle and was backed by Paradigm.
But operating costs exceeded revenue.
And that’s what happens.
Eventually, you have to make money.
That’s noteworthy because we’re starting to see real economic discipline hit the Layer 2 market.
You can have hype.
You can have users.
You can have a token.
But eventually the business still has to work.
What to Watch Today
We have a couple of U.S. economic releases today.
S&P Global Services PMI comes out at 9:45 a.m. Eastern.
Then ISM Services PMI arrives at 10 a.m. Eastern.
The ISM services index is expected to remain solidly in expansion territory.
These numbers matter because the market is trying to answer the same question we’ve been talking about.
Is the economy slowing enough that the Fed stops tightening?
Or is activity still strong enough that inflation remains the bigger problem?
We’ll find out.
Crypto Prices
Bitcoin is sitting around $85,930, up approximately 0.8% over 24 hours and around 3.5% over seven days.
Ethereum is around $2,711, up roughly 0.4%.
USDT remains number three.
BNB is approximately $789, basically flat.
XRP is around $1.51, up approximately 1%.
USDC remains number six.
Solana is around $120, down roughly 0.6% over 24 hours but still positive on the week.
Remember, Solana was around $50 not that long ago.
I was saying at the time that I thought it was something worth looking at as a long-term hold.
Not financial advice.
Hopefully you made up your own mind.
TRON is around $0.336.
Hyperliquid is approximately $92.99, up around 2.7%.
Zcash is around $1,312, down approximately 1.6% over 24 hours and roughly 16% over seven days.
Total Crypto Market Cap: approximately $2.93 trillion, up around 0.8%.
Fear & Greed: 68, Greed.
And yes, the longer I do this show, the harder it gets for me to read numbers.
Eventually my brain is just like, “That’s enough words.”
My Take
The level I’m watching today is basically the same one Craig is watching.
Around $87K.
We’ve been moving the Bitcoin floor higher step by step.
First I wanted $80K to $82K.
Then $85K.
Now we’re knocking on the door of $87K.
Craig is looking specifically at the three-month candle high around $87,374.
A clean break through there would be meaningful technically.
But the macro backdrop still matters.
The 10-year Treasury is around 5.25%.
The 30-year is around 5.6%.
Those are enormous yields.
And I’m still not convinced that one weak jobs report means the Fed suddenly stops worrying about inflation.
Maybe I’m wrong.
We’ll see.
The other thing I keep noticing is that while Congress hasn’t passed comprehensive crypto legislation, the actual financial infrastructure keeps moving forward anyway.
Kraken is working on 24/7 institutional settlement.
Tokenized U.S. stocks are moving toward round-the-clock trading.
The SEC is advancing custody rules.
The CFTC is using existing authority.
Companies are building actual products around those rules.
So the market isn’t sitting around waiting for Washington.
It’s moving.
For Bitcoin, though, let’s break $87K.
Then let’s see if we can actually hold it.
Also, shout out to Skyler, who told me Pitbull is apparently dropping something called Pitcoin.
If Pitbull drops Pitcoin, that may officially mean the top is in.
Mr. Worldwide.
Crypto Worldwide.
Have a great Monday.
