Over the past week, there have been significant changes in the dynamics of the crypto market. Bitcoin once again surpassed $85,000 after U.S. employment data fell short of expectations, and subsequently rose above $87,000; at the same time, XRP and Shiba Inu also made several noteworthy developments at the beginning of October.
Ripple advanced its XRPL lending plan and reported that XRP Ledger activities continued to grow, while SHIB ended September with its strongest single-month performance since 2026.
After U.S. employment data changed expectations for interest rate hikes, Bitcoin returned to $87,000
On October 2nd, following the latest U.S. employment report which showed that non-farm payroll increased by only 29,000 people, far below the expected range of 84,000 to 90,000, Bitcoin soared above $87,000. The unemployment rate rose to 4.2%.
Weak labor market data has reduced the market's expectations for the Federal Reserve to raise interest rates again this month. Previously, on September 30th, due to inflation data falling short of expectations, Bitcoin had already broken through $85,000, and the probability of a rate hike subsequently decreased.
Ripple is getting closer to launching the native XRPL lending service.
RippleX opened the LendingProtocolV1_1 amendment for validators to vote on on September 30th, bringing XRP Ledger one step closer to launching its native lending infrastructure.
This amendment introduces closed lending vaults and cash basis accounting. It must be activated simultaneously with the initial LendingProtocol and SingleAssetVault amendments, and this proposal requires the support of over 80% of credible validators for two consecutive weeks.
Shiba Inu Achieves the Best Monthly Performance in 2026
According to data cited by U.Today from CryptoRank, Shiba Inu saw a 13.5% increase in September, marking the strongest monthly performance since 2026.
SHIB was priced at approximately $0.00000507 in early September, reaching a monthly high of nearly $0.00000625. The token also recorded a daily "golden cross" on October 2nd, the first such signal in nearly two years. U.Today It was also reported that SHIB had 1,693,365 on-chain holders during September.
Market Update
Bitcoin
Bitcoin saw a significant increase this week. The price, which had once fallen below $85,000, rebounded above that level on September 30 following weaker inflation data from the United States. The U.S. Personal Consumption Expenditures Price Index rose by 3.4% year-on-year in August, lower than the analysts' forecast of 3.7%.
On October 2nd, following a weak U.S. employment report, Bitcoin once again reached $87,000.
Counterfeit coins
At multiple points this week, XRP faced pressure, but the activity of XRP Ledger remained strong. On October 1st, XRPL processed over 900 million transactions in 24 hours; subsequently, on October 2nd, another key growth indicator increased by 60%.
Ripple also unlocked 1 billion XRP at the beginning of October, and then relocked 700 million XRP back into the custodial account. U.Today also reported that XRP Ledger is being considered for use in Brazil's $4 trillion securities market, and Ripple President Monica Long also discussed the future of tokenization on public chains during the Korea Blockchain Week.
Market Data
- Bitcoin: As of October 2, it was around $86,688.
- Bitcoin dominance: 58.74%.
- September SHIB return rate: +13.5%.
- As of October 1st, the market value of stablecoins in the third quarter was: 300.9 billion US dollars.
Regulatory News
After the deadlock of "Clarity Act", "SEC" and "CFTC" continue to advance encryption regulations.
After the Senate's vote on September 15 failed to advance the Digital Asset Markets Clearing Act ( Digital Asset Market Clarity Act ), SEC and CFTC began to independently promote regulations for the crypto market.
U.Today reports that SEC is advancing the proposed Crypto Assets regulatory rules, while CFTC Chairman Michael Selig stated that the institution is using its existing authority to shape the structure of the crypto market. The public hearings proposed by SEC were originally scheduled to last until October 20th.
SEC Proposes a New Cryptocurrency Custody Framework
On October 2nd, SEC proposed a new framework for digital asset custody, adding another piece of regulatory progress to this week; previously, SEC and CFTC had each advanced their own rule-making efforts.
Viewpoint
What will happen in October?
After a strong performance in the third quarter, Bitcoin, Ethereum, and XRP enter October. The capital flows of ETF, the upcoming Glamsterdam testnet of Ethereum, and changes in market liquidity are all key factors in the crypto market.
Here are the events that occurred in the crypto market in September, as well as the things worth paying attention to in October.
Important Dates
- October 8th: The XRP treasury of Evernorth is scheduled to begin trading on NASDAQ under the code XRPN.
- October 20th: The public hearing regarding the proposed rules for Crypto Assets continues.
- October 27th to 28th: The FOMC meeting of October and interest rate decisions. Given the weaker inflation and employment data this week, this meeting is particularly important for the crypto market.
