LIVE: Bitcoin smashes $88,000 as Nvidia hits $5.7 trillion market cap for the first time ever

CME Group has walked away from its idea of offering oil futures around the clock after resistance from firms that actually trade the market.

The company had been considering a smaller crude contract that would have been one-tenth the size of its current Micro WTI futures product.

CME Group CEO Terry Duffy said discussions with market participants convinced the exchange that opening energy trading every hour of every day could bring problems that had not been fully worked through.

Terry said CME had wanted to create a U.S.-based option operating under Commodity Futures Trading Commission oversight, but the industry was not comfortable moving ahead yet.

The proposed product had already caught the CFTC’s attention. The regulator started examining what nonstop energy trading could mean for the market, particularly during weekends when fewer buyers and sellers are active.

One concern was that a quiet Saturday or Sunday session could produce unusual moves in West Texas Intermediate, a benchmark used across global oil markets.

Oil prices, meanwhile, were lower. December Brent futures were down 1.1% at $101.12 a barrel, while December WTI contracts lost 1.6% to $89.41. Brent had finished Thursday at $102.31 after a 4.4% jump, with traders watching possible disruptions to Middle Eastern supplies.

Fuel markets are still under much more pressure than crude itself. Middle Eastern diesel shipments are running at roughly one-quarter of the level seen before the conflict, while exports of Russian diesel have shrunk to around one-fifth of their May pace.

The European Commission said the European Union is not facing an oil shortage at the moment, despite expensive diesel and aviation fuel.

The bloc still has substantial emergency inventories available if supplies deteriorate. Officials can also bring forward a meeting of the Oil Coordination Group, currently scheduled for Oct. 15, if the situation worsens before then.

Crypto-linked equities were all over the place Friday, with Bitcoin miners mostly trading higher even as several of the bigger exchange and digital-asset names slipped.

Among the larger companies, Robinhood (HOOD) traded at $112.74, up 1.43%, while MercadoLibre (MELI) added 0.66% to $1,696.24. Strategy (MSTR) dipped 0.29% to $160.03, and Coinbase (COIN) fell 3.32% to $183.00.

Block (XYZ) gained 0.42% to $74.35, while PayPal (PYPL) slipped 0.53% to $52.78. Circle (CRCL) was down 2.04% at $81.22. Net Holding (NTHOL) rose 0.93% to $36.90, while Nexon (NEXOY) dropped 1.01% to $16.50.

Mining stocks were generally stronger. IREN climbed 2.79% to $41.78, Hut 8 (HUT) gained 3.79% to $89.63, and TeraWulf (WULF) advanced 3.96% to $15.50.

Riot Platforms (RIOT) added 0.56% to $19.72, Cipher Digital (CIFR) rose 1.68% to $15.72, and Core Scientific (CORZ) moved 0.67% higher to $16.46.

MARA Holdings (MARA) edged up 0.22% to $11.23, Bitdeer (BTDR) gained 3.57% to $11.02, and CleanSpark (CLSK) added 1.84% to $12.75. HIVE Digital (HIVE) rose 2.05% to $2.98, Bit Digital (BTBT) added 0.31% to $1.63, and Canaan (CAN) climbed 3.59% to $0.35.

Elsewhere, Bitmine Immersion Technologies (BMNR) lost 1.72% to $26.27, while Galaxy Digital (GLXY) was barely higher at $23.05, up 0.13%. GameStop (GME) rose 2.45% to $24.70, and Neptune Digital Assets (NDA) gained 3.23% to $0.64.

Figure Technology Solutions (FIGR) was almost flat at $28.55, up 0.04%, while Bullish (BLSH) fell 1.72% to $34.19. Rumble (RUM) slipped 0.85% to $7.58, and Alliance Resource Partners (ARLP) added 0.82% to $24.54.

Further down the list, Strive (ASST) eased 0.27% to $30.03, while Greenidge Generation (GREE) jumped 9.74% to $2.14. Securitize (SECZ) dropped 5.46% to $12.99, and Keel Infrastructure (KEEL) surged 5.09% to $3.62.

Metaplanet (MTPLF) sank 6.19% to $1.82, SharpLink (SBET) fell 2.40% to $9.35, and Twenty One Capital (XXI) lost 2.22% to $6.60. American Bitcoin (ABTC) gained 3.91% to $8.50, while BitGo (BTGO) added 0.27% to $7.38.

Gemini Space Station (GEMI) dropped 7.89% to $4.67, while Forward Industries (FWDI) rallied 4.28% to $8.16. Meliuz (CASH3) slipped 0.94% to $5.26, and Prenetics (PRE) fell 8.11% to $20.17, one of the sharpest declines in the group.

ProCap Financial (BRR) was down 0.26% at $3.91, while Boyaa International (BOYAF) was unchanged at $0.43. Exodus Movement (EXOD) jumped 5.58% to $7.29, and Kulr Technology Group (KULR) gained 2.71% to $2.65.

Bitcoin Group SE (ADE) rose 3.91% to $29.26, Intchains Group (ICG) surged 9.30% to $0.94, and Nano Labs (NA) added 2.33% to $2.20. Sol Strategies (STKE) gained 2.40% to $1.71.

At the smaller end of the group, Argo Blockchain (ARBK) was unchanged at $2.25, Genius Group (GNS) added 0.81% to $0.15, and Fold Holdings (FLD) climbed 4.64% to $0.54.

Bitcoin has lost some of its earlier momentum, even though the market is still positive for Friday. Roughly two hours after clearing $88,000, the OG crypto dropped by roughly $3,000 to the $85,000 levels, though it remains 1.7% higher over 24 hours.

The earlier push came after September’s soft U.S. employment figures strengthened expectations that Federal Reserve policy could become less restrictive. That move did not hold, however, with Bitcoin retreating from the highs as the session progressed.

At the same time, the U.S. Securities and Exchange Commission is moving to loosen some of the restrictions around institutional crypto custody.

A new SEC proposal would create a separate set of standards for registered investment advisers, investment companies and business development companies that safeguard digital assets for customers.

The regulator wants to update custody requirements that were written long before cryptocurrencies existed. Under the plan, firms could keep digital assets through self-custody in specific situations, while state-chartered trust companies could qualify to safeguard crypto owned by clients and regulated investment vehicles.

That regulatory work is moving ahead even after broader U.S. crypto legislation stalled in Congress, leaving agencies to continue building parts of the rulebook through their own processes.

Bond markets also changed direction on Friday. The 10-year Treasury yield increased 1.8 basis points to 5.252%, while the 30-year climbed 2.6 basis points to 5.629%, keeping longer-term borrowing costs close to levels not seen in decades.

That follows Thursday’s pullback in yields after their recent run higher. Traders are still assessing the U.S.-Iran conflict, particularly whether it could keep inflation elevated and affect the path of American interest rates. Treasury prices move opposite to yields.

Bitcoin pushed above $88,000 on Coinbase on Friday, gaining almost 2% over the past 24 hours as traders reacted to a much weaker-than-expected U.S. jobs report.

The economy added just 29,000 jobs in September, nowhere near the 89,000 economists had expected, while unemployment climbed to 4.2% against a 4.1% forecast.

August was also revised lower by 29,000 jobs, making September the third-weakest jobs report of 2026.

Wall Street took the numbers as another reason for the Federal Reserve to keep rates unchanged in October.

Treasury yields moved lower, with the 10-year yield falling more than 5 basis points to 5.176% and the 2-year dropping more than 3 basis points to 4.75%. A basis point equals 0.01%, and bond yields move in the opposite direction to prices.

Stocks jumped alongside crypto. The Dow Jones Industrial Average added 300 points, or 0.6%, while the S&P 500 rose 1%. The Nasdaq Composite gained 1.6% and hit a new all-time high, with tech futures also up roughly 0.6%.

Nvidia (NVDA) climbed to its highest price on record, lifting its market value to $5.7 trillion. A $10,000 investment in Nvidia made 10 years ago would now be worth roughly $1.58 million.

CrowdStrike, Palo Alto Networks and AMD also reached record highs, while Intel and AMD gained more than 3% each.

Crypto also got another boost from Citigroup, which raised its 12-month Bitcoin target to $113,000 from $82,000 and its Ether forecast to $3,028 from $2,240.

Citi pointed to improving crypto activity, a friendlier macro backdrop and returning ETF demand.

The bank expects inflows to come back at a slower but steadier pace as advisers and brokerages gradually increase Bitcoin allocations, and it sees another $5 billion flowing into crypto over the next 12 months.

Outside stocks and crypto, gold traded just below $4,200 an ounce and silver held above $61. WTI crude oil fell 4% over the past 24 hours to below $90 a barrel, completing a broad market move toward risk assets as bond yields eased.