Crypto
Bitcoin Falls Below $80K as Hot Jobs Data Triggers Rate Hike Fears
Bitcoin's recent push above $80,000 was short-lived as it dropped nearly 3% after strong US jobs data revived bets on a September Federal Reserve rate hike. The token fell to as low as $79,197 alongside stocks and bonds.
The nonfarm payrolls increased by 162,000 in August, exceeding every estimate in a Bloomberg survey. This unexpected growth led to an increase in two-year Treasury yields and a strengthening dollar.
The job market's resilience has sparked concerns among investors about the Federal Reserve's potential rate hike decision this month.